Reliance Industries' Q4 net profit up 17.3% at Rs 9435 crore

  • Reliance Industries' Q4 net profit up 17.3% at Rs 9435 crore

Reliance Industries' Q4 net profit up 17.3% at Rs 9435 crore

With record performance in petrochemical and retail business as well as rise in profitability of its new telecom unit, Jio, Mukesh Ambani-owned Reliance Industries Ltd (RIL), on Friday posted its highest quarterly net profit of Rs 9,435 crore on record earnings from petrochemical and retail business and rise in profitability of its upstart telecom unit, Jio.

The energy-to-telecom conglomerate, led by India's richest businessman Mukesh Ambani, logged 17.26 per cent year-on-year (YoY) rise in profit and beat a Rs 9,350 crore estimate that some analysts had projected in an ETNow poll.

Reliance Jio is planning to recruit about 75,000 to 80,000 people during this financial year, a senior company official said on Thursday. While fourth-quarter revenues jumped 134 per cent to Rs 24,183 crore, its EBIT jumped to Rs 1,086 crore from Rs 352 crore in the same period previous year.

During the year, Reliance Brands acquired 46.6% stake in Genesis Luxury Fashion, a leading player in the business of luxury apparel and accessories retailing for some of the leading worldwide luxury brands like Armani, Canali, Michael Kors etc.

"FY18 was a landmark year for Reliance, where we established several records on both operating and financial parameters". Jio said that its consolidated value of services stood at Rs 8,136 crore, up 12.8 percent over trailing quarter and consolidated EBIT stood at Rs 1,441 crore, up 452.1 percent over trailing quarter.

The telco posted standalone revenue from operations of Rs 6,879 crore (11.9 percent over trailing quarter) and EBITDA of Rs 2,628 crore (82.1 percent over trailing quarter).

Shares of RIL rose 2.87% in early trade, buoyed by record earnings expectations. RIL's consolidated revenue was also boosted by growth in Retail and Digital Services business.

Revenues from this segment were 13 per cent higher at Rs 38,113 crore over Rs 26,478 crore in the corresponding previous period and Rs 33,726 crore in the preceding quarter. It had posted standalone net profit of Rs 504 crore for the third quarter (October-December) of 2017-18. "Jio has demonstrated that it can scale and sustain its strong financial performance".

In Q4, revenue for the exploration and production segment decreased by 43 per cent year-on-year to Rs 746 crore.