Reliance Industries' net profit rose 6.8 per cent to Rs 10,104 crore in June quarter compared with profit of Rs 9,459 crore a year earlier, the company said in a stock exchange filing. Its revenue from operations advanced 21.25 per cent to Rs. 1,61,349 crore in the first quarter of the current financial year from Rs. 1,33,069 crore in the same period last year. Reliance Industries profit surpassed analysts' estimates as they had expected the company to report net profit of Rs. 9,696 crore, according to news agency Reuters.
Reliance Industries gross refining margins (GRM), a measure of how much the company has earned by refining a barrel of crude oil, slipped to $8.1 per barrel from $8.2 per barrel in the previous quarter.
Reliance Industries said its telecom arm, Reliance Jio Infocomm, reported a gross addition of 33.8 million subscribers in the quarter, which translated into a growth of 44 per cent and 49 per cent in revenue and EBITDA respectively. Reliance Jio's net profit rose 45.58 per cent to Rs. 891 crore from Rs. 612 crore in the year-ago period.
"Reliance Industries retail venture Reliance Retail maintained strong growth momentum through expansion across geographies, formats and verticals, reflecting in revenue growth of 48 per cent (YoY) and EBITDA growth of 70 per cent (YoY)," the company said in a press release.
Commenting on the results, Mukesh D Ambani, chairman and managing director, Reliance Industries Limited said: "Our first quarter earnings were strong despite weak global macroeconomic environment and challenging hydrocarbon market conditions. Our downstream businesses delivered resilient performance in an environment of slower demand growth and incremental supplies. The performance reflects the benefits of deep refining and petrochemicals integration, chain economics and feedstock flexibility."
"The Company continues to make major strides in its retail and digital services businesses led by focus on growth markets with offerings in the right product segments and compelling value proposition. We are pleased with the robust growth both in revenues and operating income for Reliance Retail. Our digital services business continues to transform the mobility market in India while scaling newer milestones," Mr Ambani added.
Separately, the company said Canada's Brookfield Asset Management will invest Rs 25,215 crore in a trust that controls Reliance's telecom tower infrastructure assets.
Reliance Industries shares finished 1.01 per cent lower at Rs 1,249 apiece on the BSE ahead of the earnings announcement by the company, in line with a 1.44 per cent fall in the benchmark Sensex index amid a broad-based selloff.
(With inputs from Reuters)