Mukesh Ambani-led Reliance Industries on Friday reported a higher-than-expected 12.5 per cent year-on-year growth in consolidated net profit at Rs 8,109 crore for the second quarter ended September 30, 2017, helped by increase in prices and volumes in refining, petrochemical and retail businesses.
“The country’s largest private sector enterprise had registered consolidated net profit of Rs 7,209 crore in the July-September quarter of the previous fiscal, Reliance Industries said in a filing to the Bombay Stock Exchange.
The consolidated net revenue from operations increased by 23.9 per cent to Rs 1,01,169 crore in Q2 FY18 from Rs 81,651 crore in Q2 FY17.
During the quarter under review, PBDIT of the company rose 32.2 per cent year-on-year to Rs 17,896 crore from Rs 13,539 crore in September quarter of the previous fiscal.
Reliance Jio Infocomm, the telecom unit, reported net loss of 270.59 crore versus against total income of Rs 6148.73 crore.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “Our Company reported another quarter of robust performance . I am delighted to share that this includes the financial performance of Reliance Jio which had a positive EBIT contribution in its first quarter of commercial operations.”
“The results also reflect strong underlying fundamentals of our refining and petrochemicals businesses. Sustained demand growth coupled with supply disruptions further tightened demand - supply balances globally during the quarter . The benefits of optimizing our business through new projects are beginning to emerge. The structural strength in energy and materials business environment augurs well for our new capacities which are coming on - line this year.”
Meanwhile, shares of the company were trading at Rs 1131.35 apiece, down 0.11 per cent, from the previous close on the BSE at 10:20 hours on Monday.