Reliance Industries Ltd (RIL) reported third-quarter financial result for the current fiscal at Rs 10,251 crores making them the first private firm to ever report a net profit of more than Rs.10,000 crores in a quarter. The net profit reported 8.82% growth as compared to the net profit of Rs. 9,420 crores amounted during the same quarter previous year.
Reliance Industries profit margins were mainly driven by higher price realizations in its petrochemical, telecom and retail businesses. RIL’s total revenue during the said quarter surged by 56% from Rs 1.09 trillion in the Q3 FY18 to Rs 1.71 trillion in the Q3 FY19.
Mukesh Ambani, Chairman and Managing Director, RIL stated: “In an oil price environment that witnessed heightened volatility through the quarter, we’ve delivered strong Q3 results on a consolidated basis.”
RIL’s consumer businesses reported growth of 25% in EBITDA during the December-end quarter of the current fiscal. The company’s telecom arm, Reliance Jio Infocomm Ltd, profit jumped by 65 per cent from Rs. 504 crores to Rs. 831 crores. The revenue generated from the telecom services stood at Rs 12,302 crores.
Reliance Retail also reported an almost 2 fold increase in revenue from Rs 18,798 crores in the Q3 FY18 to Rs. 35,577 crores in the Q3 FY19. RIL, however, registered the lowest gross refining margin (GRM) in the last 16 quarters at $8.8 per barrel against $11.6 per barrel reported a year ago.