RIL Q1 profit jumps 41% to Rs 19,443 crore Jio reports 24% rise in quarterly profit
RIL NSE 0.68 %), India’s biggest company(Reliance) by market value, Friday reported a 41% jump in consolidated profit in the June quarter as cheaper Russian crude and robust fuel demand boosted refining margins, while consumer-facing retail and telecom segments also clocked higher revenues.
Net profit came in at ₹19,443 crore, missing Street estimates on higher taxes and lower-than-anticipated discounts on crude oil sourcing. A Bloomberg survey of analysts estimated Reliance NSE 0.68 % to post net profit in excess of ₹22,000 crore. Last year in the April-June quarter, Reliance had reported a net profit of ₹13,806 crore.
Revenue for the quarter came in at ₹2.23 lakh crore, up 54.5% from a year ago. Consolidated Ebitda, or operating profit, came in at ₹40,179 crore, up 45.8% on-year.
The company’s shares climbed 0.62% to ₹2,502.90 apiece on the BSE Friday. The benchmark Sensex closed 0.70% higher. Earnings were announced after the close of trading in Mumbai.
Reliance Jio, the telecom arm of Mukesh Ambani-led conglomerate Reliance Industries, reported a 24% rise in quarterly net profit on Friday, as it added more subscribers.
The company’s net profit for quarter ended June 30 came in at 43.35 billion rupees ($542.57 million), compared with 35.01 billion rupees in the same period a year ago, Jio said in a regulatory filing.
($1 = 79.8970 Indian rupees)
Jio added 9.7 million users, taking its subscriber base to 419.9 million by the end of the quarter. The average revenue per user of JPL’s telecom unit, Reliance Jio Infocomm, expanded 4.8% sequentially to Rs 175.7.
The telco is poised for the 5G auctions starting later this month and has already submitted the biggest earnest money deposit of Rs 14,000 crore ( $1.8 billion), indicating its ambition to dominate the auctions. The company has already undertaken field trials, said Reliance Jio president Kiran Thomas.
With Thanks Reference to: indianexpress(https://indianexpress.com/article/business/companies/reliance-industries-ril-q1-profit-revenue-telecom-jio-retail-petchem-8045760/),economictimes(https://economictimes.indiatimes.com/markets/stocks/earnings/ril-q1-profit-jumps-41-to-rs-19443-crore/articleshow/93064544.cms)
