Reliance Industries posts highest quarterly profit

Mumbai: Mukesh Ambani-led Reliance Industries on Thursday posted quarterly net profit of 10,362 crore, the highest by any Indian private sector firm.

The company reported a 9.8 per cent rise in its consolidated net profit at Rs 10,362 crore in the fourth quarter ended March 31, 2019, as against Rs 9,438 crore in the same period last year.

Reliance saw its revenue jump by 19.4 per cent to Rs 154,110 crore in January-March 2019, even though they were 9.7 per cent lower than Rs 170,709 crore revenue in the third quarter of the fiscal.

In full year 2018-19, the company posted a record Rs 39,588 crore net profit on a revenue of Rs 6,22,809 crore.

“The record profit for the year came in a period of heightened volatility in the energy markets, he said, adding pre-tax profit has more than doubled in the last five years to Rs 92,656 crore,” Reliance Industries Chairman and Managing Director Mukesh Ambani said.

The petrochemical business saw pre-tax profits jump by 24 per cent to Rs 7,975 crore on higher prices.

The operator of the world's largest oil refining complex saw pre-tax earnings from the business decline for the fourth quarter in a row. Pre-tax earnings fell 25.5 per cent to Rs 4,176 crore as margins dipped.

It earned $8.2 on turning every barrel of crude oil into fuel as compared to a gross refining margin (GRM) of $11 per barrel in January-March 2018. The GRM was also lower than $8.8 and $9.5 per barrel earned in the second and third quarters respectively.

“Refinery and marketing segment performance was impacted by lower crude throughput due to planned maintenance,” the statement by Reliance Industries said, adding they were also impacted by lower product differentials.

The pre-tax loss of oil and gas business narrowed to Rs 267 crore in Q4 from Rs 600 crore a year back as output continued to decline.

Having completed its major investment cycle, Reliance said its outstanding debt rose to Rs 2,87,505 crore as on March 31, 2019, from Rs 2,74,381 crore as on December 31 and Rs 2,18,763 crore on March 31, 2018.

Cash in hand rose to Rs 1,33,027 crore from Rs 77,933 crore in the previous quarter.