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Reliance Industries Net Rises; Jio Profits Grow

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Reliance Industries on Friday reported a near 7 per cent jump in consolidated net profit at Rs 10,104 crore for the quarter ended 30 June, 2019. It was Rs 9,459 crore in the year-ago period.

The Gross refining margin (GRM) for June quarter stood $8.1 per barrel, which was at a significant premium to the Singapore margin.

The Refining and retail Earnings Before Interest and Tax stood at Rs 4,508 crore and Rs 1,777 crore, respectively, during the quarter under review against Rs 5315 crore and Rs 1069 crore, respectively, in the same period last year. The telecom unit of the company, Jio reported a 45.60 per cent year-on-year rise in profit at Rs 891 crore for the quarter.

Reliance Industries Net Rises; Jio Profits Grow
 

Consolidated revenue from operations rose 21% to Rs1.61 lakh crore as compared to Rs 1.33 lakh crore in June 2018. The net profits beat expectations and markets may cheer the results on Monday. However, much would depend on the sentiments, which at the moment have remained weakish.

The shares of Reliance Industries last closed at Rs 1249 on the NSE.

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