Q1 results: Reliance Industries profit rises 4.47%, misses estimates

Q1 results: Reliance Industries profit rises 4.47%, misses estimates

On Friday, Reliance Industries Ltd shares rose 1.73%, or ₹ 19.25, to ₹ 1,129.60 on the BSE while the benchmark Sensex closed above the 37,000-point mark for the first time at 37,336.85—up 0.95%, or 352.21 points, from previous close. Photo: Reuters

On Friday, Reliance Industries Ltd shares rose 1.73%, or ₹ 19.25, to ₹ 1,129.60 on the BSE while the benchmark Sensex closed above the 37,000-point mark for the first time at 37,336.85—up 0.95%, or 352.21 points, from previous close. Photo: Reuters

Mumbai : Reliance Industries Ltd (RIL) today reported a 4.47% rise in its quarterly profit. Consolidated net profit was at Rs 9,485 crore for the three months ended 30 June. Consolidated revenue came in at Rs 1.34 trillion. Standalone profit for the June quarter was at Rs 8820 crore. According to a Bloomberg poll of nine brokers, RIL is expected to post consolidated net sales of Rs 1.269 trillion crore for the first quarter ended 30 June. A poll of 10 brokers estimated the company to post a net profit of Rs 9,554 crore.

RIL is the operator of the world’s biggest oil-refinery complex with a refining capacity of 1.24 million barrels of oil per day, at Jamnagar in Gujarat.

Gross refining margin or what the company earns from turning every barrel of crude oil into fuel came in at $10.5 per barrel.

Analysts expected RIL’s gross refining margin (GRM) to be in the range of $10-11 per barrel against $11.9 per barrel that it reported a year ago. GRM is what a refiner earns by turning a barrel of crude oil into refined products.

During the quarter, the Singapore Complex GRM was down 6% year-on-year to $6 per barrel against $6.4 per barrel in Q1FY18. Crude oil price, however, continued its upward trend in April-June quarter. Average Brent crude price was up 48% year-on-year and 11% quarter-on-quarter to $74.5 per barrel.

Ahead of the earnings today RIL shares closed at Rs 1129.60 per share, up 1.73% on the Bombay Stock Exchange while the benchmark index closed at 37336.85 points up, 0.95%.

RIL’s telecom venture Reliance Jio Infocomm clocked standalone net profit at Rs612 crore during the quarter. It had clocked standalone net profit at Rs 510 crore in the March quarter.

Analysts had expected Jio’s profit to increase to around Rs 600 crore led by 15% subscriber growth to 21.5 crore subscribers. Ebitda was expected to grow by 3.4% quarter-on-quarter. In the fourth quarter of last fiscal, Jio had clocked 3.5% revenue growth and 3.8% ebit growth quarter-on-quarter.

On Friday, Reliance Industries Ltd shares rose 1.73%, or ₹ 19.25, to ₹ 1,129.60 on the BSE while the benchmark Sensex closed above the 37,000-point mark for the first time at 37,336.85—up 0.95%, or 352.21 points, from previous close.

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