Chennai: Mukesh Ambani-led Reliance Industries Ltd (RIL) stated that for the third quarter of the fiscal (Q3) its profits rose 8.82 per cent compared to the year ago period. The firm’s net profits grew to Rs 10,251 crore from Rs 9,420 crore.
Revenue grew 56 per cent to Rs 1.71 trillion from Rs 1.09 trillion. The rise in profits was the 16th straight quarter that the firm posted profits. It was aided by decline of gross refining margin to $8.8 per barrel from $9.5 earlier, falling for the fifth straight quarter.
RIL’s consumer businesses reported EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) growth of 25 per cent in Q3.
However, the company’s operating profit fell 2.6 per cent to Rs 14,507 crore, while operating margin contracted 100 basis points to 14.5 per cent.
The firm’s telecom arm, Reliance Jio Infocomm Ltd, saw profits grow 65 per cent to Rs 831 crore from Rs 504 crore a year ago, its fifth straight profitable quarter. Revenue for digital services rose 51 per cent to Rs 12,302 crore. During Q3, Reliance Jio added 28 million users for a total of 280 million.
“In an oil price environment that witnessed heightened volatility through the quarter, we’ve delivered strong Q3 results on a consolidated basis,” said chairman and managing director of RIL, Mukesh Ambani.
“In our new-age consumer businesses, we maintained robust growth momentum across retail and Jio platforms and the share of consumer businesses is steadily increasing its contribution to the overall profitability of the company,” he added.