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Business

RIL Q4 profit jumps 17.3% to Rs 9,435 cr; Reliance Jio gain rises to Rs 510 cr

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Reliance Industries Limited on Friday announced the consolidated net profit of Rs 36,075 crore for FY18, up 20.6 per cent than the previous fiscal year. The company recorded quarterly consolidated net profit of Rs 9,435 crore ($1.4 billion), registering 17.3 per cent growth against Rs 8,046 crore in the corresponding period of the 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.

The company’s standalone net profit for Q4 increased 6.7 per cent to Rs 8,697 crore, while its revenue increased 20.8 per cent to Rs 90,894 crore ($13.9 billion). Mukesh Ambani-led company also posted “positive annual net profit” of Rs 723 crore from its 4G data service company Reliance Jio. Reliance Jio reported 1.2 per cent rise in its net profit at Rs 510 crore for Q4 compared to Rs 504 crore in Q3.

“FY 2017-18 was a landmark year for Reliance. It has become the first Indian company to record PBDIT of over US$ 10 billion with each of our key businesses – refining, petrochemicals, retail and digital services achieving record earnings performance,” said Mukesh Ambani, Chairman and Managing Director, RIL.

He also said the company has established strong foundations in retail and digital services business. “The growing Indian market provides exciting opportunities to scale-up these businesses and maximise long-term shareholder value in the coming years.”

30.55% revenue growth in FY18

In terms of total revenue, RIL achieved 30.55 per cent growth at Rs 430,731 crore compared to Rs 330,180 crore in the previous year. The increase in revenue is primarily on account of higher volumes with start-up of petrochemicals projects and uptrend in the prices of products in refining and petrochemical businesses. Product prices were led by 18 per cent YoY increase in Brent oil price to $ 57.5/bbl. Reliance Retail recorded a 105 per cent surge in revenue to Rs 69,198 crore.

The company said higher interest and depreciation charges with the commissioning of projects across businesses resulted in relatively lower growth in profit after tax.

Volume hike leads to 39% rise in Q4 revenue

In the fourth quarter, RIL recorded the total revenue of Rs 129,120 crore ($ 19.8 billion), an increase of 39 per cent as compared to Rs 92,889 crore in the corresponding period of the previous year. The company attributed the increase in revenue to the volume increase with the start-up of petrochemicals projects and oil price related increase. Exports from India were higher by 32.5 per cent at Rs 51,295 crore ($ 7.9 billion) against Rs 38,718 crore in the corresponding period of the previous year. An increase was seen in the company’s outstanding debt till March 31, 2018 at Rs 2, 18, 763 crore ($ 33.6 billion) compared to Rs 1, 96, 601 crore on March 31, 2017.

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