RIL records Rs 11,262 cr net profit in Q2 of FY20, up by 18 pc

Reliance Industries Limited (RIL) on Friday reported a net profit of Rs 11,262 crore for the quarter ending September 2019, an increase of 18.3 per cent on a year-to-year basis.

The quarterly PBDIT (profit before depreciation, interest, and taxes) of the company increased by 15.5 per cent to Rs 25,820 crore. The profit before tax increased by 14.1 per cent to Rs 15,055 crore, and the cash profit rose by 18 per cent to Rs 18,305 crore, said the firm in an official statement on Friday.

For the quarter ended September 30, RIL achieved revenue of Rs 163,854 crore, an increase of 4.8 per cent as compared to Rs 156,291 crore in the corresponding period of the previous year.

"Increase in revenue is primarily on account of robust growth in retail and digital services businesses which grew by 27 per cent and 43 per cent, respectively. This was partially offset by a decrease in refining and petrochemicals segment revenue with 17.7 per cent fall in Brent crude price," added the statement.

Exports (including deemed exports) from RIL's India operations were lower by 12.1 per cent at Rs 53,161 crore as against Rs 60,460 crore in the corresponding period of the previous year primarily due to lower price realisation for refining and petrochemical products and emphasis in domestic placement.

Commenting on the results, Mukesh Ambani, Chairman and Managing Director, RIL, said: "The company has reported record net profit for the quarter. These excellent results reflect the benefits of our integrated oil to chemicals (O2C) value chain and the rapid scale-up of our consumer businesses."

"During this quarter, our O2C businesses gained from favourable fuel margins environment, feedstock sourcing flexibility and higher petrochemicals volumes. Our O2C business, with new partnerships, is best placed to pursue growth and substantial value creation," he added.

"Continuing growth trends in our retail business is heartening. Guided by our obsession to provide the best value for our customers, Reliance Retail delivered robust performance with record quarterly revenues and EBITDA (earnings before interest, tax, depreciation, and amortisation). Our digital services business is recognized for having the nation's widest 4G wireless network," Ambani said.

The company put the basic earnings per share (EPS) for the September quarter at Rs 18.6 crore as against Rs 16.1 crore in the corresponding period of the previous year.

"Cash and cash equivalents as on 30th September 2019 were at Rs 134,746 crore compared to Rs 133,027 crore as on 31st March 2019," said RIL.