Reliance Industries reports 12.79% year-on-year rise in net profit for second quarter of 2017-’18
But the company’s telecom unit, Reliance Jio, posted a loss of Rs 271 crore for the July-September period.
The Mukesh Ambani-led conglomerate Reliance Industries Limited on Friday reported a 12.79% rise in net profit for the July-September 2017 quarter, compared to the same period in 2016, The Economic Times reported. Reliance Industries posted a profit of Rs 8,097 crore for the second quarter of the 2017-’18 financial year, up from Rs 7,179 crore in the corresponding quarter in 2016.
The consolidated total income of the company increased 15.89% year-on-year to Rs 97,402 crore in the second quarter of 2017, as against Rs 84,044 crore in the corresponding period in 2016.
The Gross Refining Margins increased to a nine-year high of $12 (Rs 777) per barrel in the second quarter, compared to $10.1 (Rs 654) per barrel in the same period in 2016. The Gross Refining Margin is the difference between the value of goods produced by an oil refinery and the price of the raw material (crude oil) used in manufacturing these goods.
However, Reliance Industries’ telecom unit Reliance Jio posted a loss of Rs 271 crore for the second quarter.
“Our company reported another quarter of robust performance. I am delighted to share that this includes the financial performance of Reliance Jio,” Reliance Industries chairperson Mukesh Ambani said about the results. “It also reflect the strong underlying fundamentals of our refining and petrochemicals businesses. Our retail business has delivered broad based, sustainable and profitable growth through improved operational excellence.”