RIL Reports 17.4% Year-On-Year Rise In Q2 Net Profit At 9,516 Crore Rupees

Mukesh Ambani-owned Reliance Industries (RIL) reported a consolidated net profit of Rs 9,516 crore for three months between July-September 2018 as compared to Rs 9,459 crore between April-June. The net profit rose 0.6 per cent on a quarterly basis and 17.4 per cent over the corresponding quarter last year, according to a filing by the company to the Bombay Stock Exchange (BSE). Net profit for the quarter under review beat last quarter's net profit which was a record. Reliance Jio Infocomm, the telecommunication venture of RIL, posted a net profit of Rs 681 crore as compared to Rs 612 crore in the last quarter. This was a growth of 11.2 per cent on a quarterly basis.

RIL's consolidated revenues increased by 54.5 per cent year-on-year to Rs 1,56,291 crore as compared to Rs 1,01,169 crore in the corresponding quarter last year. The consolidated revenues grew 10.3 per over Rs 1,41,699 crore posted in the July quarter. 

RIL also announced an investment in Den Networks Limited and Hathway Cable and Datacom Limited. The company will invest Rs 2,045 crore through a preferential issue and a secondary purchase of Rs. 245 crore from the existing promoters to acquire a 66 per cent stake in Den Networks. It will make a primary investment of Rs. 2,940 crore through a preferential issue for a 51.3 per cent stake in Hathway Cable.

Jio crossed 250 million subscribers within 25 months from commencement of services, the statement said.

RIL shares ended at Rs 1,149.80, down Rs 13.85 or 1.19 per cent, on the BSE.