Reliance Jio Reports Profit For Second Quarter In Row, RIL Posts Record Earnings
RIL reports a 20.6% jump in consolidated net profit for fiscal 2018 In March quarter, net profit was up 17.3% at Rs. 9,435 crore Petrochem, retail and digital services units helped push revenue
Mukesh Ambani-led Reliance Industries (RIL) on Friday reported a 20.6 per cent jump in its consolidated net profit for fiscal 2018 at Rs 36,075 crore as compared to Rs 29,901 crore last year. For the quarter ended March, the oil and gas to telecom major reported a consolidated net profit of Rs 9,435 crore, up 17.3 per cent from Rs 9,423 crore for the quarter ended December 2017.
Reliance Jio, the telecom unit of Reliance Industries, reported a net profit of Rs 510.44 crore for the quarter ended March 31 as compared to Rs 504.38 crore in September quarter. Jio reported a net profit for the year at Rs 723 crore.
Increase in revenue was primarily on account of higher volumes with start-up of petrochemicals projects and uptrend in prices of products in refining and petrochemical businesses, RIL said. RIL's consolidated revenue was also boosted by robust growth in retail and digital services business, it said.
Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: "Everyone at Jio is today proud to have played a pivotal role in transforming the digital landscape of this country and empowering millions of Indians with all the leading digital tools and skills. Jio is offering the "power of data" to each Indian to fulfil every dream and to collectively take India to Global Digital Leadership."
RIL posted a consolidated revenue of Rs 4,30,731 crore, an increase of 30.5 per cent, as compared to Rs 3,30,180 crore in the previous year. For the quarter ended March 31, 2018, RIL posted a revenue of Rs 1,29,120 crore, an increase of 39 per cent as compared to Rs 92,889 crore in the corresponding period of the previous year.
"Digital Services business contributed positively in its first year of operation with strong customer traction for Jio's wireless services," RIL stated in an official statement. Reliance Jio continued its strong subscriber growth trend with net addition during the quarter of 26.5 million (as against 21.5 million in the previous quarter) customers.
