RIL reports 13.55% rise in profit in Q3, beating estimates at ?11,640cr on the back of robust growth in telecom and retail verticals.
Like a Star: Oil-to-telecom conglomerate Reliance Industries Ltd (RIL) reported 13.55% YoY rise in Q3 profit, beating estimates at ?11,640cr ($1,644m), on the back of robust growth in telecom and retail verticals.
Consolidated net profit for the December quarter rose to a record ?11,640cr ($1,641m) while revenue fell 1.4% to ?1,68,858cr ($23,811m) because of weaker prices of oil and chemicals. On a standalone basis, net profit rose 7.4% to ?9,585cr ($1,351m) while revenue fell 13.1% to ?93,741cr ($13,218m).
Revenue from the petrochemicals segment stood at ?36,909cr ($13,218m) for the quarter, falling 19.1% from ?45,619cr ($6,431m) in the same quarter last year.
Telecom venture Reliance Jio Infocomm reported 62.5% rise in net profit to ?1,350cr ($190m). Its subscriber base grew 32% annually to 370m, with each user spending an average of ?128.4 a month during the quarter, the company said in a statement.
Reliance Retail also posted robust YoY revenue growth of 27% to ?45,327cr ($6,391m). ET Earnings
We Regret the Delay: Reliance Industries is unlikely to close the $15bn-worth deal announced last year for 20% stake sale in its oil to chemicals business to Saudi Aramco by March 31 this year, noted RIL’s joint chief financial officer V Srikanth.
“The deal is making very good progress, but it’s a large transaction/large cross-border deal which is complex. I cannot comment on the timeline,” he said. Hindu BusinessLine
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