Oil-to-telecom major Reliance Industries (RIL) on Thursday reported 9.79 per cent year-on-year (YoY) rise in consolidated profit at Rs 10,362 crore for the quarter ended March 31. Analysts in an ET NOW poll had projected a net of Rs 10,000 crore.
Strong show by retail and telecom divisions boosted RILs numbers during the quarter.
Indias biggest company in terms of market capitalisation had posted a profit of Rs 9,438 crore in the corresponding quarter last year.
However, standalone profit declined 1.60 per cent to Rs 8,556 crore on lower gross refining and petrochemicals margin.
Overall consolidated revenue increased 19.40 per cent YoY to Rs 1,54,110 crore in Q4FY19. PBDIT rose 16.30 per cent to Rs 24,047 crore.
Commenting on the results, Chairman and Managing Director, Mukesh Ambani said: “During FY19, we achieved several milestones and made significant strides in building Reliance of the future. Retail crossed Rs 1,00,000 crore revenue milestone, Jio now serves over 300 million consumers and our petrochemicals business delivered its highest ever earnings.”
Telecom division
Reliance Jio posted 64.70 per cent growth in profit at Rs 840 crore in Q4FY19 over Rs 510 crore in Q4FY18. Jios average revenue per user (Arpu) fell to Rs 126.2. Analysts in an ET NOW poll had projected Arpu of Rs 129.
Petrochem division
Gross refining margin (GRM) came in at $8.2 per barrel, outperforming Singapore complex margins by $5.0 per barrel. The figure was $8.8 and $11 per barrel for the quarters ended December 31 and March 31, 2018, respectively.
The Q4FY19 revenue from refining and marketing segment decreased by 6.1 per cent YoY to Rs 87,844 crore while segment EBIT declined by 25.5 per cent YoY to Rs 4,176 crore.
The segment performance was impacted by lower crude throughput due to planned maintenance. Also, weak light and middle distillate product cracks impacted GRM.
Retail division
Revenue of organised retail business increased 51.60 per cent YoY to Rs 36,663 crore in Q4FY19. The segments EBIT increased 81 per cent YoY to Rs 1,721 crore against Rs 951 crore during the same period.
Revenue from the organised retail business for FY19 jumped 88.70 per cent YoY to Read More – Source
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