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Reliance Industries Profit At Rs 10,251 Crore In Q3, Jio Profitable For 5th Quarter

Reliance Industries reported a net profit of Rs. 10,251 crore in Q3 RIL consolidated revenue grew 56.4% to Rs. 1,60,299 crore Standalone net profit of Jio stood at Rs. 831 crore

Reliance Industries record net profit was supported by growth in its petrochemicals and refining units
Reliance Industries record net profit was supported by growth in its petrochemicals and refining units

Reliance Industries on Thursday reported a record net profit of Rs 10,251 crore for the October-December period. That marked an increase of 8.8 per cent from a net profit of Rs 9,420 crore in the corresponding period a year ago, according to a regulatory filing by the company. Growth in its petrochemicals and refining businesses supported the consolidated net profit in the quarter ended December 31, 2018, beating Street estimates.

On an average, 12 analysts had estimated the company's net profit at Rs 9,648 crore for the three-month period, news agency Reuters reported citing data compiled by Refinitiv Eikon. For the quarter ended September 30, the conglomerate had posted a net profit of Rs 9,516 crore.

“In our endeavour to consistently create more value for our country and stakeholders, our company has become the first Indian private sector corporate to cross Rs 10,000 crore quarterly profits milestone,” said Mukesh D Ambani, chairman and managing director, Reliance Industries.

Reliance Industries' consolidated revenue from operations grew 56.4 per cent to Rs 1,60,299 crore. Revenue in the refining and petrochemicals units - which contribute around three-quarters of overall revenue and profits - rose 47.3 per cent and 37.1 per cent respectively.

Standalone net profit of Reliance Jio Infocomm, the telecom arm of Reliance Industries, stood at Rs 831 crore, 64.9 per cent higher from that of Rs 504 crore in the corresponding quarter a year ago. That marked a fifth consecutive profitable quarter for Reliance Jio

“In our new-age consumer businesses, we maintained robust growth momentum across Retail and Jio platforms and the share of consumer businesses is steadily increasing its contribution to the overall profitability of the Company,” Mr Ambani added.

Shares in Reliance Industries ended 0.3 per cent lower at Rs 1,133 apiece on the NSE, whose benchmark index Nifty finished a volatile session 0.1 per cent higher, ahead of the earnings announcement by the company.

(With agency inputs)