Reliance Industries Q2 Profit Rises 12.5%, Jio Loss At Rs 271 Crore

Higher margins from core refining and petrochemicals businesses buoy Reliance Industries but Jio's loss disappoints.

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Reliance Industries Q2 Profit Rises 12.5%, Jio Loss At Rs 271 Crore

Reliance Jio posted a loss of Rs 271 crore in the September quarter.

Oil-to-telecoms conglomerate Reliance Industries Ltd posted a 12.5 per cent rise in its consolidated net profit for the quarter ended September, buoyed by higher margins from its core refining and petrochemicals businesses.

Its consolidated profit rose to Rs 8,109 crore (excluding exceptional items), compared to Rs 7,209 crore in the year-ago quarter. Revenues of the company jumped 16.5 per cent to Rs 95,085 crore, as against Rs 81,861 crore last year.

"Increase in revenue is primarily on account of increase in prices and volumes in refining, petrochemical and retail businesses. Further, the consolidated revenues reflect the commencement of commercial operations of RJIL's (Reliance Jio Infocomm Ltd) wireless telecommunication network during the quarter," the company said in a release.

Refining, petrochemicals and oil and gas exploration businesses, which account for over 90 per cent of the company's overall revenue and profit, delivered an 11.5 per cent rise in quarterly revenue from operations to Rs 71,761 crore.

Mukesh Ambani, chairman and managing director, Reliance Industries said: "The results reflect strong underlying fundamentals of our refining and petrochemicals businesses..... Our retail business has delivered broad-based, sustainable and profitable growth through improved operational excellence."

Reliance Industries' gross refining margin (GRM), the money made from turning one barrel of crude oil into fuel, came in at $12 per barrel compared to $11.9 in the June quarter.

Its telecoms arm Reliance Jio Infocomm Ltd, which upended the telecoms industry with its free calls and cheaper data plans, posted a loss of Rs 271 crore in the September quarter.

Reliance Industries shares closed 0.42 per cent higher at Rs 876.45 on NSE on Friday after touching a record high of Rs 890.70 during intraday trade. Its shares have rallied 62 per cent this year. (With inputs from Reuters)

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