Reliance Q2 results: Reliance Industries posted a strong growth in profits in the second quarter of the current fiscal year.
Reliance Q2 results: Reliance Industries posted strong growth in profits in the second quarter of the current fiscal year. RIL’s net profit surged 18.3 per cent to Rs 11,262 crore, compared to Rs 9,516 crore in the same quarter last year. RIL also achieved revenue of Rs 1.63 lakh crore, an increase of 4.8 per cent, compared to Rs 1.56 lakh crore in the corresponding period of the previous year. The telecom arm Jio’s profit stood at Rs 990 crore in Q2, while its revenue stood at Rs 12,354 crore. On the other hand, Q2 FY20 revenue from the petrochemicals segment decreased by 11.9 per cent on-year to Rs 38,538 crore reflecting fall in prices of petrochemical products.
Key figures in a nutshell
Revenue increased by 4.8 % to Rs 163,854 crore ($ 23.1 billion)
PBDIT increased by 15.5% to Rs 25,820 crore ($ 3.6 billion)
Profit Before Tax increased by 14.1% to Rs15,055 crore ($ 2.1 billion)
Cash Profit increased by 18.0% to Rs 18,305 crore ($ 2.6 billion)
Net Profit increased by 18.3% to Rs11,262 crore ($ 1.6 billion)
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said, “The Company has reported record net profit for the quarter. These excellent results reflect the benefits of our integrated Oil to Chemicals (O2C) value chain and the rapid scale-up of our Consumer businesses. During this quarter, our O2C businesses gained from favourable fuel margins environment, feedstock sourcing flexibility, and higher petrochemicals volumes. Our O2C business, with new partnerships, is best placed to pursue growth and substantial value creation.”
Meanwhile, shares of Mukesh Ambani-led Reliance Industries touched a fresh record today, propelling the firm’s market capitalisation to hit the crucial Rs 9 lakh crore mark. The rally in shares came ahead of the Q2 results. Reliance Industries shares jumped by more than 2 per cent to hit the day’s high at Rs 1,428. Reliance Industries market capitalisation has swollen to Rs 9.03 lakh crore, making it India’s most valuable firm by market capitalisation. IT giant TCS comes at a distant second with its market capitalisation at Rs 7.67 lakh crore.