RIL Q3 results: Mukesh Ambani-controlled Reliance Industries Limited (RIL) reported Q3 beating street estimates.
RIL Q3 results: Mukesh Ambani-controlled Reliance Industries Limited (RIL) reported Q3 beating street estimates backed by robust performance of retail and telecom businesses. The oil-retail-to-telecom conglomerate reported 8.8% rise in net profit to Rs 10,251 crore as against Rs 9,423 crore in the corresponding period of the previous year. The company’s revenue also increased by 55.9% to Rs 171,336 crore as against Rs 102,500 crore in the corresponding period of the previous year.
In a Bloomberg poll, eight analysts estimated a consolidated revenue of Rs 1,40,000 crore for the quarter under review and a net profit of Rs 9,609 crore. In the same quarter a year back, RIL reported a net profit of Rs 9,423 crore and revenue of Rs 1,09,000 crore.
“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 (Refining and Petrochemicals) business, driving sustained performance even in challenging global business environment,” Mukesh Ambani, Chairman, RIL said in a statement.
He attributed to the overall profitability of the company to the increasing contribution from new-age consumer businesses of the company such as Retail and Telecom.
RIL Q3 earnings: We bring you key takeaways in a nutshell
Consolidated Net Profit
RIL’s net profit in the third quarter of the fiscal year 2018-19 was Rs 10,251 crore, up 8.8% on-year.
Mukesh Ambani-led conglomerate reported a consolidated revenue of Rs 1,71, 336 crore, up 55.9.% on-year.
RIL’s EBIT in the quarter under review came in at Rs 23,801 crore, up 20 % on-year.
Gross Refining Margin (GRM)
The company’s Gross Refining Margin (GRM) in the first quarter was $8.8/bbl.
Refining and Marketing Business
The business reported a revenue of Rs 1,11,738 crore, up 47.3% on-year primarily on account of higher crude prices during the year.
The Petrochemical business reported a revenue of Rs 42,246 crore, up 37.1% on-year.