RIL net rises 17% on petrochem margins

Reliance Industries Q4 results 2018 LIVE Mukesh Ambani firm to announce earnings soon

On a sequential basis, the companys net profit rise was only 0.1 per cent, RIL said in a statement. Operating profit expanded almost 34 per cent to Rs 74,184 crore ($11.4 billion).

Reliance Industries in other sectors too saw rising profits in Q4 and it is believed that it might soon be part of the $100 Billion Dollar club with the petro-chemical and retails arms of the very big conglomerate earning record net profits in this quarter of 2018.

MUMBAI: clocked record profits of Rs 9,435 crore in the fourth quarter of fiscal 2018, up 17 per cent, on higher margins from its, retail and digital services businesses.

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RIL's $30 billion telecom venture Reliance Jio Infocomm Ltd reported a profit of Rs504 crore ($78.97 million) in Q3, FY18 (September-December 2017) from a loss of Rs271 crore in the previous quarter. In its financial performance report, RIL said the company reported highest annual EBIT (earnings before interest and taxes) for refining, petrochemicals, retail businesses. The standalone operating revenue stood at Rs 7,128 crore, which is increased by 3.6% to Rs 6,879 crore.

"We have established strong foundations in retailing and digital services business with world-class supply chain management and network infrastructure which will serve our customers well".

The numbers were aided by a strong performance in the petrochemical segment, which gained on higher volumes on account of a ramp-up of the recently commissioned refinery off-gas cracker (ROCG) and petchem expansion projects.

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Reliance Retail revenue grew 134 per cent YoY to Rs24,183 crore (Rs10,332 crore).

These results prove the competitive marketing strategies of Reliance Telecommunications and their capacity to provide the best services to the customers and their partners.

Jio's Chief Human Resources Officer Sanjay Jog while replying to a question on how many new recruitments will be made by the company during this financial year, stated, "About 1,57,000 people are on the rolls today".

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Reliance Industries' shares closed up 2% at Rs 994.75 on the BSE before the company announced its earnings. Jio has released a banner which indicates that customers will get M2S hotspot device under this offer.

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