8 years ago
Oil-to-telecoms conglomerate Reliance Industries Ltd posted 9 per cent rise in first-quarter standalone profit on Thursday, helped by higher margins from its core petrochemicals business. Profit on a standalone basis, which only accounts for the company's refining, petrochemicals and oil and gas exploration businesses, rose to Rs 8,196 crore ($1.27 billion) for the three months to June 30, from Rs 7,548 crore a year earlier. Standalone revenue from operations climbed 18.4 per cent to Rs 70,434 crore. Refining and petrochemicals contribute around 90 per cent to overall revenue and profit of the company.
Here are the highlights from RIL's June quarter earnings:
Earnings posted by Reliance Industries were better-than-estimates as analysts polled by Reuters on an average expected the company to post a standalone profit of Rs 7,993 crore.
Profit on a standalone basis, which only accounts for the company's refining, petrochemicals and oil and gas exploration businesses, rose to Rs 8,196 crore for the three months to June 30, from Rs 7,548 crore a year earlier.
Oil-to-telecoms conglomerate Reliance Industries Ltd posted on Thursday a nine percent rise in first-quarter standalone profit, helped by higher margins from its core petrochemicals business.
A recharge is enough to charge up your digital life. For more details: https://t.co/bYhA3tXLuw pic.twitter.com/sQQKarJVgl
- Reliance Jio (@reliancejio) July 13, 2017
Reliance Industries shares ended 0.26 per cent lower at Rs 1,528 today on NSE.
Reliance Jio started charging for internet data from April, after seven months of free services, but has kept prices low. Jio's aggressive strategy has led to rivals consolidating.
Reliance Jio had on July 11 announced that Jio Prime Members can enjoy unlimited services for 3 months with new Rs. 399 plan, which will be applicable for all new as well as existing subscribers.
Reliance Industries and its partner BP had last month announced investment of $6 billion in developing new gas fields in the KG-D6 block. Analysts would also be watching for any commentary on this front.
Domestic brokerage Edelweiss estimates Reliance Industries' standalone net profit at Rs 7,876 crore, down 3 per cent quarter-on-quarter. The brokerage expects its gross refining margins (GRM) to correct 3 per cent to $11.2 per barrel due to correction in oil price. "We expect refining EBIT to be flat QoQ while petchem EBIT to improve 8% on firm polymer and polyester spreads and 6% higher output on the back of new capacities," the brokerage said.
