Reliance Industries clocked record profits of Rs 9,435 crore in the fourth quarter of fiscal 2018, up 17 per cent, on higher margins from its petrochemicals, retail and digital services businesses. This indicates that RILNSE 2.15 % makes around Rs 105 crore a day. Higher earnings from petrochemicals, retail and digital services businesses helped the company offset the lower contribution from the refining and oil & gas ventures. RIL’s consolidated profit was Rs 8,046 crore a year earlier.
The digital services business, run under the Jio brand, posted a net profit of Rs 510 crore in Q4FY18. This is the second time in a row the telecom unit has declared a profit. RIL had launched the telecom services in September 2016. Jio is six times more profitable than Bharti AirtelNSE -0.11 %, whose consolidated profit in Q4FY18 was Rs 83 crore. The digital services business posted an operating profit of Rs 1,495 crore compared to an operational loss of Rs 32 crore. Revenues of the business st ..
RIL’s consolidated revenues climbed 39 per cent to Rs 1.29 lakh crore on strong volumes from its petrochemicals business due to newly commissioned projects and higher product prices, and a
134 per cent surge in its retail business. For the full financial year 2017-18, RIL, controlled by billionaire Mukesh Ambani, recorded a profit of Rs 36,075 crore, an increase of 21 per cent while revenues were up by 31 per cent to Rs 4.3 lakh crore. Operating profit expanded nearly 34 per cent to Rs 74,184 crore ($11.4 billion).
“FY 2017-18 was a landmark year for Reliance where we established several records on both operating and financial parameters. Reliance has become the first Indian company to record operating profit of over $10 billion with each of our key businesses — refining, petrochemicals, retail and digital services achieving recording earnings performance,” Ambani said in a statement.
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