RIL creates history, posts Rs 11,262-cr net profit in Q2

Mumbai/Delhi, October 018 

India’s most-valuable company Reliance Industries (RIL) today posted a record quarterly net profit of Rs 11,262 crore as a steady rise in the share of its consumer businesses of retail and telecom countered lower earnings from traditional petrochemical and refining segment.

The oil-to-telecom conglomerate, led by richest Indian Mukesh Ambani, reported a net profit of Rs 11,262 crore, or Rs 18.6 per share, in July-September, up from Rs 9,516 crore, or Rs 16.1 a share, in the same period of the previous financial year, the company said.

This is the highest quarterly net profit earned by any private company, surpassing its own previous best of Rs 10,362 crore in the January-March period.

State-owned Indian Oil Corp (IOC) holds the distinction of posting highest ever quarterly profit by any Indian firm when it had reported a net profit of Rs 14,512.81 crore in January-March 2013.

Reliance’s standalone net profit of Rs 9,702 crore was also a record high. It clocked a 4.8% rise in consolidated revenue at Rs 1,63,854 crore in Q2.

The company opened 337 more retail stores and added 24 million subscribers to its Jio mobile phone service that helped increase the profitability of the venture, even as its traditional oil refining and petrochemical businesses continued to see weak earnings.

Reliance Jio, the group’s telecom arm, posted a standalone net profit of Rs 990 crore, which was 45.4% more than the previous year, as subscriber base swelled to 355.2 million from 331.2 million at the end of the June quarter and 252 million in Q2 of the previous fiscal. — PTI

Jio profit zooms 45% at Rs 990 crore

• Reliance Jio on Friday posted a 45.4% jump in its net profit to Rs 990 crore on a standalone basis in the July-September quarter of 2019-20 on account of growth in subscriber base
• The company had posted a net profit of Rs 681 crore in the same quarter a year ago
• The operating revenue of the company increased by 33.7% to Rs 12,354 crore during the reported quarter from Rs 9,240 crore in the corresponding quarter of 2018-19

First company to hit m-cap of Rs 9 lakh cr

• Reliance Industries Limited on Friday became the first Indian company to hit the Rs 9 lakh crore market valuation mark in intra-day trade
• The company’s market valuation zoomed to Rs 9,05,214 crore on the BSE during the day. However, at the close of trade, the company’s market capitalisation (m-cap) settled at Rs 8,97,179.47 crore.