RIL's Q2 net profit at record Rs 11,262 cr

Reliance Industries' (RIL) consolidated net profit for the quarter ended September touched a record Rs 11,262 crore, rising by 18.34 per cent on a year-on-year basis.

During the corresponding period of financial year 2018-19, it had logged a consolidated net profit of Rs 9,516 crore, the company said in a regulatory filing.

RIL reported a total income of Rs 1,55,763 crore, 5.76 per cent higher than the Rs 1,47,268 crore earned during the same period a year ago. The company also said that the cash profit increased by 18 per cent to Rs 18,305 crore.

Commenting on the results, Mukesh Ambani, Chairman and Managing Director, Reliance Industries said: "The Company has reported record net profit for the quarter. These excellent results reflect benefits of our integrated oil to chemicals (O2C) value chain and the rapid scale-up of our consumer businesses."

During the quarter, the company's oil-to-chemical businesses gained from favourable fuel margins environment, feedstock sourcing flexibility and higher petrochemicals volumes, he said.

"Our O2C business, with new partnerships, is best placed to pursue growth and substantial value creation," Ambani said.

For the quarter ended September 30, RIL achieved revenue from sales and services of Rs 1,63,854 crore, an increase of 4.8 per cent as compared to Rs 1,56,291 crore in the corresponding period of the previous year.

"Increase in revenue is primarily on account of robust growth in retail and digital Services businesses which grew by 27 per cent and 43 per cent, respectively. This was partially offset by decrease in refining and petrochemicals segment revenue with 17.7 per cent fall in brent crude price," RIL said in its filing.

The company further said the exports (including deemed exports) from its India operations were lower by 12.1 per cent at Rs 53,161 crore ($7.5 billion) as against Rs 60,460 crore in the corresponding period of the previous year primarily due to lower price realisation for refining and petrochemical products and emphasis in domestic placement.

Revenue from the retail business for 2Q FY20 grew by 27 per cent Y-o-Y to Rs 41,202 crore with strong growth across formats despite consumption slowdown as against Rs 32,436 crore in the corresponding period of the previous year.

During the quarter, Reliance Retail added 337 stores taking the total store count to 10,901 stores.

The revenue for the oil and gas segment decreased by 40.2 per cent Y-o-Y to Rs 790 crore as the segment performance continued to be impacted by declining volume.

Reliance Jio posted Rs 990 crore net for the quarter ending September, a year-on-year growth of 45.4 per cent on a standalone basis.

It has become the world's second largest single country operator with over 350 million subscribers, the company said in a statement on its Q2 result.

Earlier in the day, RIL created a new benchmark by crossing the market capitalisation of Rs 9 lakh crore. Share prices of the company also rose to a 52-week high of Rs 1,428 per share.

At close on Friday, however, the company's market capitalisation stood at Rs 8,97,179.47 crore.

( With inputs from IANS )