On Friday, the Energy-to-telecom conglomerate Reliance Industries LTD, led by Mukesh Ambani, the richest business man in India, reported a consolidated profit of Rs. 9,435 cr for the March quarter, which is its highest quarterly profit.
The profit is up by 17.26% of the previous quarter profit which is Rs. 8,046 cr. The consolidated sales have also shown a rise of 29.30% from Rs. 92,889 cr to Rs. 1.2 lac cr since last year. A strong performance of a petrochemical segment aided with numbers, which added on the larger volumes because of a rise in the recently commissioned ROCG (refinery off-gas cracker), along with expansion of PetChem projects.
The world’s biggest ROCG, with downstream plants and utilities was commissioned on January 2nd 2018, with the capacity of 1.5 mmtpa at Jamnagar. In a statement, the company mentioned that the surge in revenue is due to the volume growth with the commissioning of PetChem projects and an stimulation in oil price for refining and PetChem products.
It further added that the rise in consolidated sales shows robust rise of 134% in retail market and upstream growth momentum in wireless users’ additions for digital services.
For the financial year 2018, a consolidated earnings of Rs. 4,30,731 cr per barrel is reported by RIL, which for a FY2017 was Rs. 3,30,180 with a rise of 30.5%. The profit after tax rose to Rs. 36,075 cr, which is 20.6% more than the last year.
Reliance JIO, in a report shows a 1.2% QoQ increase in revenue of Rs. 510 cr in their 4th quarter, from Rs. 504 cr of 3rd quarter. The ARPU i.e. average revenue per user is Rs. 134, as reported by Reliance JIO.
MD and Chairman of RIL, Mukesh Ambani has said that, ‘FY2018 is a milestone year for Reliance where we created few records on both financial and operating parameters.’