Reliance announces financial results of Q4 (FY 2017-2018)
29 April, 2018, 00:55 | Author: Harriet Bell
Jio, which with 186.6 million subscribers is the world's largest and fastest growing mobile data network, saw profits rise to Rs 510 crore, up 1.2 per cent over third quarter earnings. The conglomerate's new businesses made healthy contributions to its performance.
With that, RIL's retail business for the whole year stood at ₹69,198 crore, more than double from the previous year, thus making it the biggest retailer in the country. For the year ended 31 March 2018 (FY 2017-18, the year under review), this Reliance Industries Ltd (RIL) subsidiary reported profit of Rs 723 crore against operating revenue of Rs 20,154 crore and value of services of Rs 23,714 crore.
RIL's telecom outfit Reliance Jio Infocomm also reported a quarterly net profit of Rs9,435 crore ($1.4 billion), a 17.3 per cent increase compared to the previous year.
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.
Ambani said in a statement, 2017-18 was a landmark year for Reliance.
Refinery contributed Rs. 93,519 crore to revenue and Rs. 5,607 crore to EBIT while petrochemicals contributed Rs. 38,113 crore to revenue and Rs. 6,435 crore to EBIT respectively.
However, gross refining margin, which is what the company earns while turning every barrel of crude into fuel, fell to $11 per barrel during the March quarter as against $11.6 in the December quarter. The company said refining margins in Asia were likely to remain firm in the near term.
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). Reliance's oil and gas business saw widening of loss to Rs 600 crore from Rs 486 crore loss in Q4 of last fiscal as the output continued to fall. "At this level of production, we would have around 35 million tonnes in FY19", he told reporters.
Sharekhan research analyst Abhijeet Bora said net profit was marginally higher than estimates.
On attrition rate in the company, he said it was about 32 percent in the sales and technical areas related to constructions sites.
Reliance Industries' shares closed up 2% at Rs 994.75 on the BSE before the company announced its earnings.
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