Wednesday, 18 October, 2017

RIL Q1 net profit rises 8

JioFiber broadband or Rs 500 4G phone What will Reliance Industries announce on July 21 JioFiber broadband or Rs 500 4G phone What will Reliance Industries announce on July 21? Pic IANS
Bessie Robbins | 21 July, 2017, 00:12

During the quarter, the profit of the company gained 28.05% to Rs 91.08 billion from Rs 71.13 billion in the same quarter previous year.

Industrialist Mukesh Ambani-led Reliance Industries Ltd (RIL) on Thursday said it plans to acquire 24.92 per cent equity stake in media and entertainment industry firm Balaji Telefilms Limited (BTL) for a consideration of Rs 413.28 crore.

1Q FY18 revenues for the Oil & Gas segment decreased by 1.2 percent on a Y-o-Y basis to Rs 1,324 crore primarily due to lower volumes in USA shale and domestic operations.

Exports (including deemed exports) from India operations were up by 11.5% at Rs 37,111 crore ($5.7 billion) against Rs 33,282 crore in the corresponding period of the previous year.

Earlier in April, Reliance Industries raised to propose its capital expenditure on Reliance Jio by Rs 18,000 crore in the current quarter, adding to the Rs 1.79 lakh crore that it had already put into the venture thus far.

The company said that the increase in revenue was primarily on account of increase in prices and volumes of refining and petrochemical products partially offset by lower prices and volumes from E&P business.

The net profit (excluding exceptional items) increased by 12.8 per cent to Rs 8,021 crore. The oil and gas business saw revenue fall 1.2% to ₹ 1,324 crore, with the division sustaining an operating loss (at EBIT level) of ₹373 crore. Retail business also witnessed accelerated growth momentum with YoY revenue growth of 74%. "This digital services business has been built to address the entire value chain across the digital services domain with smart applications to make life simple, handsome and secure".

The industry s debt stands at a staggering Rs 4.6 lakh crore, and an inter-ministerial group is looking at measures to mitigate the financial woes of the sector.

Cash and cash equivalents as on June 30, 2017 were at Rs 72,107 crore ($11.2 billion) compared to Rs 77,226 crore as on March 31, 2017. Refining business contributed ₹66,945 crore of revenue while petrochemicals accounted for ₹25,461 crore.

Shares of Balaji fell 1.7% on Thursday to close at Rs 186.65 apiece.

Reliance Retail, the retail arm of Reliance Industries, has reported 65.8 per cent rise in pre-tax profit at Rs 398 crore for the first quarter ended on June 2017. Ramp-up of ethane import project has helped in diversifying feedstock sources and mitigating risks for our existing crackers at Dahej and Hazira.

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