Reliance registers record profit; Jio customer base reaches 11 crore

Reliance registers record profit; Jio customer base reaches 11 crore

India's oil-to-telecoms conglomerate Reliance Industries Ltd reported a 12.8 percent rise in its fourth-quarter net profit on Monday that topped analysts' estimates, helped by higher margins in its refining and petrochemicals business. Gross refining margins (GRMs) stood at $11.5 per barrel against $10.8 per barrel in the sequential quarter (Q3FY17).

Standalone profit came in at Rs 8,151 crore against Rs 7,227 crore in the same period of past year and Rs 8,022 crore in the preceding quarter.

Following the numbers, the stock rose 3.43 per cent to hit a high of Rs 1,465 on BSE.

RIL operates the world's largest oil refinery complex in Gujarat's Jamnagar. During the March quarter, Brent crude oil prices averaged $54 per barrel, up 8 per cent on a quarterly basis.

RIL stated that Reliance Jio Infocomm, its telecom and digital services subsidiary through which it has rolled out pan-India fourth generation broadband wireless voice and data services had a customer base of 109 million subscribers on its network as of March 31.

Revenues for the quarter rose 45.2% to Rs 928.89 billion, compared with Rs 639.54 billion for the prior year period.

The petrochemicals segment also put up a good show with revenues showing a growth of 26.4 per cent over past year at Rs 26,478 crore. To put in perspective, it recorded a net loss of Rs.7.46 crores during the same period a year ago.

-Total income during FY17 stood at Rs 1.22 crore, which decreased 158% YoY from Rs 3.15 in FY16.

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"Operationally, we continue to scale new heights".

This apart, Reliance also reported its highest ever annual profit of Rs 29,901 crore.

However, full year performance of the shale gas business remained impacted by lower volumes and also weak prices in the previous quarters.

The Retail segment's EBIT in FY-17 at Rs 784 crore (2.3 percent EBIT margin) was 55.6 percent more than the Rs 504 crore (2.4 percent EBIT margin) in the previous year.

Reliance Jio shook up the wireless data industry with its free trial service that lasted for almost nine months, and a similar strategy could help it expand the appeal of its fiber services as well. Cash and cash equivalents as on March 31, 2017, were at Rs 77,226 crore compared with Rs 89,969 crore as on March 31, 2016.

In March 2017, RIL commenced commercial production from its Coal Bed Methane (CBM) block Sohagpur (West).

Talking about RIL's retail store business, Agarwal said: "During the quarter, Reliance Retail added 63 stores across various store concepts".

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