Reliance records record profit of Rs 94590000000

NEW DELHI: Reliance Industries (RIL) on Friday reported a record Rs 9,459 crore net profit in April-June on the back of near doubling of earnings from mainstay petrochemical business.

Net profit of Rs 9,459 crore, or Rs 16 per share, in the first quarter of 2018-19 fiscal, was up 18 per cent over Rs 8,021 crore, or Rs 13.5 a share, net profit in the same period a year ago, the company said in a statement.

Revenue was up 56.5 per cent at Rs 141,699 crore.

The April-June 2017 profit has been taken after excluding Rs 1,087 crore exceptional income from sale of stake in Gulf Africa Petroleum Corp.

Reliance said pre-tax profit from petrochemical business was up 94.9 per cent to Rs 7,857 crore on better margins.

Its Chairman and Managing Director Mukesh Ambani said: "Our petrochemicals business generated record EBITDA with strong volumes and an upswing in polyester chain margins. Refining business performance remained steady despite the seasonal weakness in cracks."

While retail business revenues have more than doubled and EBITDA has trebled, telecom arm Reliance Jio added a record number of subscribers, he added.

Jio has reported a profit of Rs 612 crore in Q1, a growth of 20 per cent over Rs 510 crore in the previous period. Jio posted a profit for the third straight quarter.

"Jio continues on its path to drive digital revolution in India. We doubled our customer base and most user metrics in the last 12 months. 215 million customers within 22 months of start is a record that no technology company has been able to achieve anywhere in the world," RIL chairman and managing director Mukesh Ambani said.