Mukesh Ambani-led Reliance Industries Ltd(RIL) on Friday posted a consolidated net profit of Rs 8,109 crore, beating estimates. RIL’s telecom start-up Reliance Jio logged a net loss of Rs 270.6 crore.
The revenue of Reliance Industries stood at Rs 95,085 crore with EBITDA of Rs 15,565 crore. Beating the street estimates, Reliance Jio logged a net loss of Rs 270.6 crore vs loss of Rs 21.3 crore (QoQ).
Commenting on the strong Q2 earnings, RIL Chairman Mukesh Ambani said: “Our Company reported another quarter of robust performance. I am delighted to share that this includes the financial performance of Reliance Jio which had a positive EBIT contribution in its first quarter of commercial operations.”
“The results also reflect strong underlying fundamentals of our refining and petrochemicals businesses,” Ambani added.
Reliance Jio revenue for September quarter stood at Rs 6147 crore while Jio’s EBITDA stood at Rs 1,442 crore.
“The strong financial results of Jio demonstrates the robust business model of Jio and the significant efficiencies that the Company has built through its investment in the latest 4G technology and right business strategy. As always, the Group has demonstrated excellence in execution, vision and commercial acumen,” Ambani said.
Our retail business has delivered broad based, sustainable and profitable growth through improved operational excellence. The world is transforming, turning digital and India is not going to be left behind. India is ready to go digital, move from voice to data and Jio is creating the foundation of data for the next generation business. The rapid uptake of Jio services reflects the latent need of the society. We are confident that Jio will bring significant benefits to the Indian economy and the Indian customers and will take India to a much higher pedestal. We are focussed on providing multi-layered digital services on top of the basic connectivity service to optimally utilise our world class infrastructure, Ambani added.
Reliance Industries Gross refining margin stood at $12/barrel
Via, business today. In