By James mathew
Reliance Industries announces 17% increase in net profit compared to Q3 2017
Indian corporate major Reliance Industries (RIL) on Wednesday reported its highest ever quarterly net profit of Rs9,516 crore ($1.3 billion), an increase of 17.35 percent from the corresponding quarter of last year.RIL had reported Rs8,109 crore ($1.11 billion) net profit in July-September quarter of 2017.
Reliance’s telecom business unit, Reliance Jio reported a revenue of Rs9,240 crore compared with Rs8,109 crore in the previous quarter.
“Our company delivered robust operating and financial results for the quarter despite macro headwinds, with strong growth in earnings on a year-on-year basis. Our integrated refining and petrochemicals business generated strong cash flows in a period of heightened volatility in commodity and currency markets," said Mukesh Ambani, chairman and managing director at Reliance Industries.
RIL’s consolidated revenues rose 54.5 percent year-on-year basis to Rs1,56,291 crore. The top line jumped due to higher price realisations of petrochemical and refinery products led by 44.5 percent increase in Brent crude price.According to the company, the increased revenue also reflected in higher volumes with the commissioning and ramp-up of new petrochemical facilities.