Reliance Industries Q4 2019 Profits Surges Up; Beats Analyst’s Expectations

The Reliance Industries announced its fourth quarter 2019 results today and reported a positive 9.79 per cent year-on-year (YoY) growth of its consolidated profit at Rs 10,362 crore beating the analyst's expectations. Analyst's had estimated that the company will record a profit of Rs 10,000 crore for the Q4 2019.

The company posted a profit of Rs 9,438 crore in the previous quarter. The PBDIT surged up by 16.30 per cent YoY to settle at Rs 24,047 crores.

Overall revenue of the company rose up by 19.40 per cent YoY to touch Rs 1,54,110 crore in the fourth quarter of 2019.

The Reliance Jio reported a growth in its profit at Rs 840 crore in the fourth quarter of 2019 as against the previous record of Rs 510 crore during the fourth quarter of 2018.

The company's Chairman and Managing Director - Mukesh Ambani quoted "During FY19, we achieved several milestones and made significant strides in building Reliance of the future. Reliance Retail crossed ₹ 100,000 crore revenue milestone, Jio now serves over 300 million consumers and our petrochemicals business delivered its highest ever earnings."

The rapid growth in retail and digital services business helped the company to improve its financial profits and revenues for fiscal 2019. The retail business and digital business recorded a rise of 88.7 per cent and 94.5 per cent respectively as against its previous year's performance.

The scrips of Reliance Industries Limited closed at a higher note during today's trade session before earnings statement release and was seen trading at Rs 1,328.90 per scrip, up by 2.79%.