Published: Sat, January 20, 2018
Hi-Tech | By Wayne Curry

RIL's Rs 2.35 lakh crore investments in Jio start to payoff

RIL's Rs 2.35 lakh crore investments in Jio start to payoff

"Our refining business has delivered 12 consecutive quarters of double-digit refining margins, demonstrating operating excellence and healthy industry fundamentals", said Mukesh Ambani, chairman, RIL. The quarter also saw Reliance post record consolidated pre-tax profit of Rs 13,789 crore, up 44.8 per cent over past year and the highest ever standalone profit of Rs 8,454 crore, up five per cent over the previous fiscal. Billionaire Mukesh Ambani's venture has already triggered a bruising tariff war in the mobile-carrier segment after offering call services free for life and data transmission at no charge for an introductory period. The company clocked revenues of Rs 6,879 crore in Q3FY18, up almost 12%.

Jio said that its consolidated value of services stood at Rs 8,136 crore, up 12.8 percent over trailing quarter and consolidated EBIT stood at Rs 1,441 crore, up 452.1 percent over trailing quarter.

RIL's gross refining margins for the quarter improved to $11.6 a barrel from $10.8 a year earlier.

The company has posted net profit of Rs.9445 crores for the period ended December 31, 2017 as against Rs.7524 crores for the period ended December 31, 2016. Bharti Airtel, the country's largest telecom operator, yesterday reported its seventh straight quarterly decline in net profit.

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Reliance Industries Ltd expects its earnings to increase further in the coming quarters after they hit a record in the third quarter, helped by the first-ever profit at its Jio telecoms business.

The owner of world's largest refining complex earned $11.6 on turning every barrel of crude oil into fuel in October-December as against a gross refining margin (GRM) of $10.8 in the same period past year. The marginal quarter-on-quarter weakness in GRM was due to lower gasoline, gasoil and fuel oil spreads, which also led the regional benchmark Singapore GRM to average $7.2 during the quarter, compared to $8.3 in July-September 2017 quarter. Turnover from the business grew 116.4 percent year-on-year to Rs 18,798 crore and earnings before interest and tax grew 110.8 percent to Rs487 crore. EBIT nearly quintupled (453.1 percent) to Rs 1,436 crore from Rs 260 crore. Outstanding debt as on March 31, 2017 was Rs 196,601 crore.

The almost 80 per cent rally in the stock of Reliance Industries (RIL) over the past year has been predicated largely on two hopes - path to profit of the telecom business (RJio), and healthy profit growth in the mainstay petrochemicals and refining segments thanks to big capacity expansions and upgrades.

The digital business is now RIL's third largest segment in terms of operating profit and only behind the refining and petrochemicals segments. Download The for your device.

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