RIL CONSOLIDATED NET PROFIT UP BY 12.5% TO RS.8109 CRORE FOR THE SECOND QUARTER

Mumbai, Oct 14  Reliance Industries Limited’s (RIL) consolidated net profit increased by 12.5 per cent to Rs 8,109 crore for the second quarter (July-September) of 2017-18, a company statement said here on Friday.

The company’s revenue increased by 23.9 per cent to Rs 101,169 crore for the same period.

“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 (earnings before interest and taxes) contribution in its first quarter of commercial operations,” said Mukesh D. Ambani, Chairman and Managing Director, RIL.

“The results also reflect strong underlying fundamentals of our refining and petrochemicals businesses. Sustained demand growth coupled with supply disruptions further tightened demand supply balances globally during the quarter. The benefits of optimizing our business through new projects are beginning to emerge. The structural strength in energy and materials business environment augurs well for our new capacities which are coming on-line this year,” he added.

Ambani said the group’s 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 said.

“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,” he added.