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RIL Q1 consolidated net up by 28%

Author: IANS/Friday, July 21, 2017/Categories: Corporate

RIL Q1 consolidated net up by 28%

New Delhi - Industrialist Mukesh Ambani-led Reliance Industries Ltd's (RIL) consolidated net profit went up by 28% during the first quarter (April-June) of 2017-18, a company statement said. Consolidated net profit stood at Rs 9,108 crore as against Rs 7,113 crore in the corresponding period of the previous year.  The company clocked a revenue of Rs 90,537 crore, an increase of 26.7%, as compared to Rs 71,451 crore in the corresponding period of the previous year.

"Our company recorded yet another strong quarterly performance with net profit of Rs 9,108 crore, up 28% year-on-year. Our industry leading portfolio of assets in the refining and petrochemicals business contributed to considerable improvement in our earnings for the quarter. Retail business also witnessed accelerated growth momentum with year-on-year revenue growth of 74%," said Ambani (pictured), Chairman and Managing Director, RIL. Regarding the company's telecom venture Jio, he said it has revolutionised the Indian telecom and data consumption landscape.

"This digital services business has been built to address the entire value chain across the digital services domain with smart applications to make life simple, beautiful and secure."

The company's capital expenditure for the first quarter was Rs 25,192 crore including exchange rate difference capitalisation. Capital expenditure was principally on account of ongoing projects in the petrochemicals and refining business at Jamnagar and digital services business.

During the quarter, the company said employee-cost increased by 16.3% at Rs 2,455 crore as against Rs 2,111 crore in the corresponding period of the previous year due to increased employee base and higher payouts. 

In related news, Reliance Jio announced that it will sell optionally convertible preference shares through rights issue to existing shareholders to raise Rs 20,000 crore. Jio’s board had decided to make a "rights issue of 4 billion — 9% non-cumulative optionally convertible preference shares (OCPS) of Rs 10 each for cash at a premium of Rs 40, aggregating to Rs 20,000 crore."

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S Vijaykrishnan
S Vijaykrishnan

IANS

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