The Reliance Industries Limited announced its positive first quarterly results for 2019. As per the reports, its telecom arm - Reliance Jio has reported a Profit After Tax (PAT) of Rs 891 Crore for the first quarter of 2019 as against Rs 840 crore quarter on quarter (QoQ) basis.
The company's net profit has surged up to touch a whopping Rs 10,104 crore for the Q1 2019, up by 6.82% year on year rise.
The Mukesh Ambani led Reliance Industries had previously posted a net profit of Rs 9,459 crore in the corresponding quarter during the previous year. The revenue of the company has surged up by 21.25 per cent to settle at Rs 1.61 lakh crore for Q1 2019 as against Rs 1.33 lakh crore during the Q1 2018.
The company's quarterly profit rose up to meet the estimates even as a lower refining margin and sluggish petrochemical business continued to weigh on its earnings. The gross refining margin which constitutes the amount that a refiner earns for every barrel of processed crude declined to $8.1 per barrel from $8.2 barrel in the previous quarter.
Its retail and refining EBIT was at Rs 1,777 crore and Rs 4,508 crore respectively for the quarter ending June 30, 2019. The consolidated Petrochemical EBIT is reported at Rs 7,508 crore in Q1 2019 as against Rs 7,857 crore in Q1 2018.
The scrips of Reliance Industries Limited closed at Rs 1,249.00, down by 1.01%, before the announcement of financial results.