RIL net profit up 12.78 per cent for the second quarter

Image Mexy Xavier

Image Mexy Xavier

Revenue was also boosted by addition of Rs 6,147 crore of earnings from Jio, whose financial performance was included in RIL's earnings for the first time. The company reported a net loss of Rs2.71 billion on revenue of Rs61.5 billion. The average voice traffic in the period stood at 2.67 billion minutes a day.

Growth in EBIT increased by 32.2% yoy to Rs 17,896 crore in Q2. However, pre-tax profit more than doubled to Rs 334 crore.

Reliance Industries Ltd. key Products/Revenue Segments include Petroleum Products which contributed Rs 179438.00 Crore to Sales Value (67.70 % of Total Sales), Petrochemicals which contributed Rs 82095.00 Crore to Sales Value (30.97 % of Total Sales), Oil & Gas which contributed Rs 2787.00 Crore to Sales Value (1.05 % of Total Sales), Others which contributed Rs 589.00 Crore to Sales Value (0.22 % of Total Sales), Other Services which contributed Rs 132.00 Crore to Sales Value (0.04 % of Total Sales) for the year ending 31-Mar-2017.

Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: "Our Company reported another quarter of robust performance".

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"Increase in revenue is primarily on account of increase in prices and volumes in refining, petrochemical and retail businesses", the statement said. "Sustained demand growth coupled with supply disruptions further tightened demand supply balances globally during the quarter".

"Exports from the refining and petrochemical operations during the second quarter at Rs 41,560 crore were higher by 10.2 per cent, as against Rs 37,717 crore exported in the same quarter of past year, due to higher volumes and product prices", the company said.

Also revenue for the Oil & Gas segment increased by 13.3% Y-o-Y to Rs 1,503 crore due to commencement of CBM production. The telecom arm of Reliance posted a loss of Rs 270 crore.

Standalone revenue from operations stood at about Rs 6,147 crore for the September quarter, said Reliance Jio whose subscriber base has swelled to over 138 million now.

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On RJio, Ambani mentioned, "The strong financial results of Jio demonstrates the robust business model of Jio and the significant efficiencies that the Company has built through its investment in the latest 4G technology and right business strategy".

"During the quarter ended 30th September 2017, it is estimated that around 27 million LTE smartphones were sold in India".

"He added, ". We are confident that Jio will bring significant benefits to the Indian economy and the Indian customers and will take India to a much higher pedestal". The profit earned in this quarter is the highest ever for the conglomerate. Incumbent operators Airtel, Idea, and Vodafone have blamed the free offers by the newcomer for the failing health of the industry, that, as per some estimates, has a cumulative debt of Rs 4.5 lakh crore.

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