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Mukesh Ambani's RIL's Q2 profit rises 17 pct

Mukesh Ambani's RIL's Q2 profit rises 17 pct

India Blooms News Service | @indiablooms | 17 Oct 2018, 02:50 pm

Mumbai, Oct 17 (IBNS):  Oil-to-telecom giant Reliance Industries on Wednesday said it has registered a  17.35 percent year-on-year (YoY) rise in its net profit which stood at  Rs 9,516 crore.

As per reports, it was the highest quarterly profit registered by the company in its history.

The Mukesh Ambani-owned company also said its consolidated revenues moved up to touch 54.5 percent YoY to stand at Rs 1,56,291 crore in September quarter.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “Our Company delivered robust operating and financial results for the quarter despite macro headwinds, with strong growth in earnings on Y-o-Y basis. Our integrated refining and petrochemicals business generated strong cash flows in a period of heightened volatility in commodity and currency markets. Our world-class petrochemicals assets contributed record earnings; endorsing benefits of diversified feedstock, integration and superior product portfolio. Use of ethane feedstock at Nagothane cracker from this quarter has further enhanced feedstock optionality."

"Our commitment to create consumer value is gathering momentum, with the robust scale-up of Indiacentric consumer facing businesses. The financial performance of both Retail and Jio reflect the benefits of scale, technology and operational efficiencies. Retail business EBITDA has grown three fold on Y-o-Y basis whereas Reliance Jio EBITDA has grown nearly 2.5 times. Jio has now crossed 250 million subscriber milestone and continues to be the largest mobile data carrier in the world," he said.