RIL posts record Q3 profits: Jio turns profitable first-time ever
Reliance Industries Limited's (RIL) released its Q3 report today which saw the company register a record high quarterly net profit of Rs. 9,423 crore. RIL said that the recorded profits were up by 25.1% from the same quarter in FY16-17. RIL's profits were, to a large extent, boosted by record earnings from petrochemicals business and by Reliance Jio's first-ever profit.
How RIL has grown in a year
Q3 of FY17-18 also saw Reliance Industries Limited (RIL) post a record high consolidated pre-tax profit of Rs. 13,789 crore, up by 44.8% from last year. The company also recorded its highest standalone profit of Rs. 8,454 crore, up by 5% from last year.
RIL's revenue up by over 30%
According to the declared Q3 results, RIL's revenue was up by 30.5% at Rs. 109,905 crore. Compared to the previous year's debt of Rs. 214,145 crore, RIL's debt was marginally lower on 31st December 2017 at Rs. 213,206 crore. The results also showed that RIL's cash in hand had improved from Rs. 77,014 crore in Q2 to Rs. 78,617 crore in Q3.
How Reliance's petrochemicals business fared
Reliance Industries said that pre-tax profit from its petrochemicals business was at a record high of Rs. 5,753 crore in Q3 of FY17-18. In Q3 FY17-18, RIL earned $11.6 per barrel of crude refinement, as opposed to $10.8 in Q3 FY16-17. However, profit from the refining and marketing business had slumped marginally from Rs. 6,194 crore in Q2 to Rs. 6,165 crore in Q3.
RIL boasts the fastest growing retail business in India
RIL said that its retail business was one of the fastest growing ones in the country with revenue and pre-tax profits having doubled since last year to Rs. 18,798 crore and Rs. 487 crore respectively. However, the business is yet make its first net profit.
Reliance Jio records first-ever profit of Rs. 504 crore
According to Reliance Industries, Jio turned profitable "in only the second quarter of commercial operations". Reliance Jio started its commercial operations in Q2 of FY17-18 with a loss of a Rs. 271 crore. Despite being blamed for falling profits of telecom operators, Reliance Jio itself was able to bag a first-ever profit of Rs. 504 crore in Q3 of FY17-18.