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Reliance Industries Q2 consolidated net up 12.5 pc
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SME Times News Bureau | 16 Oct, 2017
Reliance Industries Limited's (RIL) consolidated net profit increased by
12.5 per cent to Rs 8,109 crore for the second quarter (July-September)
of 2017-18, the company said on Friday.
The company's revenue increased by 23.9 per cent to Rs 101,169 crore for the same period, the company said in a statement.
"Our
company reported another quarter of robust performance. I am delighted
to share that this includes the financial performance of Reliance Jio
which had a positive EBIT (earnings before interest and taxes)
contribution in its first quarter of commercial operations," said Mukesh
D. Ambani, Chairman and Managing Director, RIL.
"The results
also reflect strong underlying fundamentals of our refining and
petrochemicals businesses. Sustained demand growth coupled with supply
disruptions further tightened demand supply balances globally during the
quarter. The benefits of optimizing our business through new projects
are beginning to emerge. The structural strength in energy and materials
business environment augurs well for our new capacities which are
coming on-line this year," he added.
Ambani said the group's
retail business has delivered broad based, sustainable and profitable
growth through improved operational excellence.
Reliance Jio, the
wholly-owned subsidiary of RIL, posted standalone revenue from
operations of Rs 6,147 crore for the second quarter.
"The world
is transforming, turning digital and India is not going to be left
behind. India is ready to go digital, move from voice to data and Jio is
creating the foundation of data for the next generation business. The
rapid uptake of Jio services reflects the latent need of th" society,"
he said.
The subscriber base of the company as on September 30,
2017 stood at 138.6 million. Net subscriber addition during the quarter
was at 15.3 million.
Total wireless data traffic during the
quarter was at 378 crore GB and average voice traffic during the quarter
at 267 crore minutes per day, the statement said.
"We are
confident that Jio will bring significant benefits to the Indian economy
and the Indian customers and will take India to a much higher pedestal.
We are focussed on providing multi-layered digital services on top of
the basic connectivity service to optimally utilise our world class
infrastructure," Ambani said.
"The strong financial results of
Jio demonstrates the robust business model of Jio and the significant
efficiencies that the Company has built through its investment in the
latest 4G technology and right business strategy. As always, the Group
has demonstrated excellence in execution, vision and commercial acumen,"
he added.
The company statement said increase in revenue is
primarily on account of increase in prices and volumes in refining,
petrochemical and retail businesses.
Revenue from the refining
and marketing segment during the July-September quarter at Rs 69,766
crore increased 15.3 per cent over the same quarter last year. Earnings
before interest and taxes (EBIT)in the segment increased by 10.8 per
cent year on year to Rs 6,621 crore "aided by higher volumes and strong
transportation fuel cracks", RIL said.
RIL achieved a gross
refining margin (GRM) of $12 on converting each barrel of crude to
products during the quarter, as against a GRM of $10.l per barrel in the
second quarter a year ago.
"We have had record segment EBIT in
both refining and petrochemicals owing to better volumes and prices. GRM
in the quarter at $12 per barrel is at a 9-year high" RIL Chief
Financial Officer Alok Agarwal said.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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