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Reliance Industries Became First Indian Company to Register 10,000 Crore of Profit in one Quarter

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Reliance Industries (RIL) reported 8.82 per cent rise in consolidated net profit for the third quarter ending December at Rs 10,251 crore on the back of higher realisations from petrochemicals and marketing segments.

The Mukesh Ambani-led RIL said in a statement that it had posted a net profit of Rs 9,420 crore in the corresponding quarter of 2017-18.

The company’s consolidated revenue from operations during the quarter in consideration at Rs 1,60,299 crore jumped a massive 56.38 per cent over Rs 1,02,500 crore earned in the October-December quarter of FY18.

However, RIL’s gross refining margin (GRM), or the profit on converting a barrel of crude to refined products, for December quarter fell to $8.8 per barrel, from $9.5 in the previous quarter, on account of lower crude prices.

Revenue from the petrochemicals business during October-December rose 37.1 per cent to Rs 46,246 crore due to increase in price realisations and volumes mainly in polymer products and fibre intermediates, the company said.

The earnings before interest and tax (EBIT) from the petrochemicals segment during the quarter in question at Rs 8,221 crore rose 42.9 per cent over the same period of 2017-18.

RIL’s third quarter revenue from refining and marketing businesses at Rs 1,11,738 crore increased 47.3 per cent over the same period in fiscal 2017-18.

Commenting on the results, RIL Chairman Mukesh Ambani said in a statement: “In an oil price environment that witnessed heightened volatility through the quarter, RIL has delivered strong quarterly results on a consolidated basis. Competitive cost positions and integration benefits is core to our oil to chemicals business, driving sustained performance even in challenging global business environment.”

With the results coming after market hours, the RIL stock closed flat on Thursday at Rs 1,133.75 a share, down 30 paise, or by 0.03 per cent, on its previous close on the BSE.

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