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RIL Net Profit for Q1 rises

Reliance Industries Ltd on Thursday reported its highest quarterly consolidated net profit of Rs 9,108 crore (Rs 91.08 billion) in three-months to June 30 on the back of higher petrochemical margins and one-time gain from sale of African asset.

The net profit when compared to the same quarter last year stood at 28 per cent higher. The amount for last year was at Rs 7,113 crore. 

“Strong refining and petrochemicals margin environment contributed to higher operating profits for the quarter,” the statement from RIL said. 

Its telecom disruption company Jio which became the fastest to to get 100 million subscribers in just 170 days creating the world record was also featured in the company statement where it said “Jio’s innovative market approach backed by superior HD quality VoLTE voice and data strong network has unlocked latent demand for data and growth ahead of all industry estimates.”

The detailed announcement about Jio is expected to be made today at the company annual general meeting(AGM).

RIL CMD Mukesh Ambani said: “Our industry leading portfolio of assets in the refining and petrochemicals business contributed to considerable improvement in our earnings for the quarter.” He also added mentioning about Jio, Telecom arm “Jio has revolutionised the Indian telecom and data consumption landscape. This digital services business has been built to address the entire value chain across the digital services domain with smart applications to make life simple, beautiful and secure,” he said.

In the other news RIL is buying 24.9% shares of Bala Tele for a consideration of Rs.413 crores. The stake of Ekta Kapoor will come down after this. RIL is taking the steps in order to push the contents of Balaji Tele through its Jio which has made 4G affordable and has an enviable 100 million subscribers.

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