Wednesday, 20 June, 2018

Reliance Industries' profit rises 17.3% in Q4, petrochemicals outshines refining

Reliance Industries Q4 results 2018 today Mukesh Ambani firm may report profit for 13th straight quarter RIL needs just 3 per cent gains from from its lifetime high to hit the $100 billion mark. Image source Reuters
Edmund Robinson | 29 April, 2018, 00:57

RIL's Gross Refining Margin (GRM) for the March 2018 quarter stood at $11 per barrel as compared to $11.5 per barrel in the corresponding quarter previous financial year.

On a sequential basis, the companys net profit rise was only 0.1 per cent, RIL said in a statement. For the 2017-18 fiscal - the first full year of commercial operation - it had a net profit of Rs 723 crore.

The RIL stock was trading at Rs998 at 9.20 am, up 2.32 % from the previous day. RIL's consolidated profit was Rs 8,046 crore a year earlier.

Reliance Jio reported a profit of Rs 510 crore against Rs 504 crore in the December quarter. Revenue at the energy-to-telecom conglomerate rose 39% year-on-year to Rs1.29 trillion, buoyed by a rise in petrochemical sales and increase in global crude prices leading to better realizations in refined products. The owner of world's largest refining complex earned $11 on turning every barrel of crude oil into fuel in January-March as against a gross refining margin (GRM) of $11.5 in the same period previous year. In its financial performance report, RIL said the company reported highest annual EBIT (earnings before interest and taxes) for refining, petrochemicals, retail businesses.




While Future Group's retail business comes purely from fashion and food and grocery, Reliance Retail had a year ago added its merged its petro-retail business to the overall retail segment which has led to the massive jump in the sales figurers and hence can not be compared with the revenues of the pure-play retailers that depend exclusively on fashion, consumer durables and FMCG.

Reliance Retail revenue grew 134 per cent YoY to Rs24,183 crore (Rs10,332 crore).

During the quarter, RIL announced strategic transaction with Saavn to form India's largest platform for music, media and artists through its digital music service, JioMusic. The company operated 1,313 petroleum retail outlets in the country at the end of the year. More importantly, for Jio, its subscriber base has been seemingly increasing at a healthy rate, and the company is continuing to earn profits in spite of offering one of the most affordable 4G data plans the industry has ever seen.

Since the launch of Jio the internet consumption has increased three times with cheap data offers pushing the digital content to the mainstream.

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