Mukesh Ambani’s RIL reports 17% higher net profit at Rs 9,516 crore; announces takeover of Hathway, DEN

By: | Updated: October 17, 2018 7:20 PM

Mukesh Ambani-controlled Reliance Industries reported Q2 results below street estimates. RIL has reported a net profit of Rs 9,516 crore.

Reliance Industries also announced acquisition of majority stake in Hathway & DEN Networks.

RIL Q2 results: Mukesh Ambani-controlled Reliance Industries reported Q2 results below street estimates. RIL has reported a net profit of Rs 9,516 crore, up 17 percent on-year. In Q2, RIL had reported an 18 percent on-year rise in net profit to Rs 9,459 crore. According to a Bloomberg poll, RIL’s consolidated net sales were expected to come in at Rs 1.41 trillion; net profit was estimated at Rs 9,630.20 crore by 10 brokers.

Reliance Industries also announced acquisition of majority stake in Hathway & DEN Networks. Hathway will issue 90.8 crore shares to Reliance Jio at Rs 32.35/share, it said.

“Our Company delivered robust operating and financial results for the quarter despite macro headwinds, with strong growth in earnings on Y-o-Y basis. Our integrated refining and petrochemicals business generated strong cash flows in a period of heightened volatility in commodity and currency markets. Our world-class petrochemicals assets contributed record earnings; endorsing benefits of diversified feedstock, integration and superior product portfolio. Use of ethane feedstock at Nagothane cracker from this quarter has further enhanced feedstock optionality,” Mukesh Ambani said in a statement.

Key Highlights:

Revenue increased by 54.5% to Rs 156,291 crore ($ 21.6 billion)

PBDIT increased by 24.9% to Rs 22,359 crore ($ 3.1 billion)

Profit Before Tax increased by 16.4% to Rs 13,198 crore ($ 1.8 billion)

Cash Profit increased by 17.8% to Rs 15,510 crore ($ 2.1 billion)

Net Profit increased by 17.4% to Rs 9,516 crore ($ 1.3 billion)

Gross Refining Margin (GRM) in the second quarter was $9.50/bbl.

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