RIL Q2 net profit rises 12.5%

RIL Q2 net profit rises 12.5%

Reliance industries ltd


Reliance Industries Limited (RIL) reported its financial performance for the quarter/ half year ended 30th September 2017.

Net Profit increased by 12.5% to Rs. 8,109 crore ($ 1.2 billion),
while revenue increased by 23.9% to Rs. 101,169 crore.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “Our Company reported  another quarter of robust performance. I amdelighted to share that this includes the financial performance of Reliance Jio which had a positive EBIT contribution in its first quarter of commercial operations.

Reliance has started operations of its ROGC cracker, MEG and LLDPE plants at Jamnagar. Currently, these plants are under stabilization.

Reliance Retail acquired 40% stake in Genesis Luxury Fashion Private Limited, which operates a rich portfolio of brands such as Armani, Burberry, Coach, Michael Kors and many others.

RIL acquired equity stake in Balaji Telefilms Limited, which is in the Media and Entertainmentindustry. This investment in content production (including digital content) is in line with RIL’s commitment to invest and grow in digital and media businesses.

RIL participated and was declared winner in an on-line e-bidding process held by Allahabad Bank (leader of banking consortium) to sell / dispose-off assets of Kemrock Industries & Exports Limited,
Vadodara (Gujarat). These assets will pave the way for Reliance to foray into new materials (Composites and Carbon Fibre) and further strengthen its petrochemicals business portfolio.

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.Our retail business has delivered broad based, sustainable and profitable growth through improvedoperational excellence.”