RIL rides on Jio, retail push

Supported by strong performance by its petrochemicals, retail and Jio businesses, Reliance Industries Ltd (RIL) reported 17.4% growth in consolidated net profit at Rs. 9,516 crore for the second quarter ended September 30, 2018, as compared to Rs. 8,109 crore for the same period last year. During the period, the company’s consolidated revenue grew by 54% to Rs. 1,56,291 crore as compared to Rs. 1,01,169 crore. “Our company delivered robust operating and financial results for the quarter despite macro headwinds, with strong growth in earnings. Our integrated refining and petrochemicals business generated strong cash flows in a period of heightened volatility in commodity and currency markets,” said Mukesh Ambani, chairman & managing director, RIL said. “Our world class petrochemicals assets contributed record earnings, endorsing benefits of diversified feedstock, integration and superior product portfolio,” Mr. Ambani said. “The financial performance of both retail and Jio reflect the benefits of scale, technology and operational efficiencies,” he added. Mr. Ambani said that the retail business EBITDA had grown threefold whereas Jio’s EBITDA had grown nearly 2.5 times. Jio has now crossed 250 million subscribers milestone and continues to be the largest mobile data carrier in the world. Jio recovers During the quarter, Jio reported net profit of Rs. 681 crore as against a net loss of Rs. 271 crore in the same period last year. To further strengthen the offering from Jio, Reliance industries on Wednesday announced the acquisition of Den Network and Hathway Cable & Data for over Rs. 5,200 crore. Deven Choksey, MD & CEO, KR Choksey Share & Securities, said: “The consumer-centric businesses have done well while there is little bit of disappointment in the refining business.” “RIL disappointed in the oil and gas segment and gross refinery margins, but made up on the strong volume growth in retail and telecom segments. Net profit was more or less in line. The transition from an energy giant into a technology company is now very much evident in the earnings,” said Sanjiv Bhasin, EVP, Markets, IIFL Securities.

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