Reliance Industries Q3 net profit rises 25%

Reliance industries ltd

Reliance Industries Limited (RIL) reported its financial performance for the quarter ended 31st December 2017.

Revenue increased by 30.5% to INR 109,905 crore ($ 17.2 billion)
PBDIT increased by 39.4% to INR 19,845 crore ($ 3.1 billion)
Profit Before Tax increased by 29.1% to INR 13,220 crore ($ 2.1 billion)
Cash Profit increased by 42.6% to INR 15,116 crore ($ 2.4 billion)
Net Profit increased by 25.1% to INR 9,423 crore ($ 1.5 billion)

Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “I am happy to share record-setting consolidated quarterly earnings to mark the 40th anniversary of Reliance’s listing in January 1978. Fittingly, this quarter marks the culmination of our petrochemical expansion projects and the first positive net profit contribution from our newest business line – Digital Services. Our refining business has delivered 12 consecutive quarter of double-digit refining margins, demonstrating operating excellence and healthy industry fundamentals. Benefits of the large investments in petrochemical business are beginning to show with the segment reporting its highest ever earnings.”

For the quarter ended 31st December 2017, RIL achieved revenue of INR 109,905 crore ($ 17.2 billion),an increase of 30.5% as compared to INR 84,189 crore in the corresponding period of the previous year.Increase in revenue is primarily on account of volume increase with start-up of petrochemicals projects and increase in prices in refining and petrochemical businesses. The increase in consolidated revenues reflect robust growth of 116% in Retail business and continued enhancement in Jio’s wireless operations.

Outstanding debt as on 31st December 2017 was INR 213,206 crore ($ 33.4 billion) compared to INR 196,601 crore as on 31st March 2017.

Cash and cash equivalents as on 31st December 2017 were at INR 78,617 crore ($ 12.3 billion) compared to INR 77,226 crore as on 31st March 2017. These were in bank deposits, mutual funds, CDs,Government Bonds and other marketable securities.

Yash Ved
Yash Ved is a Senior Correspondent at NewsBarons and comes with a decade of experience across leading online and offline publications. A keen observer of the stock index movement, Yash also likes covering Real Estate and the BFSI sector. A financial management and Journalism student, Yash believes learning as a continuous journey and enjoys following the IT and the Pharmaceutical industry and has penned many articles on the subjects.