Reliance reports record quarterly net profit of Rs 9,459 crore in Q1
Reliance said pre-tax profit from petrochemical business was up 94.9 per cent to Rs 7,857 crore.
New Delhi: Reliance Industries on Friday reported a record Rs 9,459 crore net profit in April-June on the back of near doubling of earnings from mainstay petrochemical business.
Net profit of Rs 9,459 crore, or Rs 16 per share, in the first quarter of 2018-19 fiscal, was up 18 per cent over Rs 8,021 crore, or Rs 13.5 a share, net profit in the same period a year ago, the company said in a statement.
Revenue was up 56.5 per cent at Rs 141,699 crore. The April-June 2017 profit has been taken after excluding Rs 1,087 crore exceptional income from sale of stake in Gulf Africa Petroleum Corp. Reliance said pre-tax profit from petrochemical business was up 94.9 per cent to Rs 7,857 crore on better margins.
Its Chairman and Managing Director Mukesh Ambani said: "Our petrochemicals business generated record EBITDA with strong volumes and an upswing in polyester chain margins.
Refining business performance remained steady despite the seasonal weakness in cracks." While retail business revenues have more than doubled and EBITDA has trebled, telecom arm Jio added a record number of subscribers, he added.