RIL Q2 net profit up 12.5% to Rs 8109 cr

Standalone net profit is likely to increase to Rs8,687.5 crore on a revenue of Rs66,088 crore for the July September quarter according to a Bloomberg poll

The company earned USD 12 on turning every barrel of crude oil into fuel in Q2, up from USD 10.1 a barrel gross refining margin in same quarter of previous year and USD 11.9 a barrel in first quarter of the current fiscal. "Sustained demand growth coupled with supply disruptions further tightened demand supply balances globally during the quarter".

Standalone net profit rose 7.3 per cent to Rs 8,265 crore, but it came below analyst estimates of Rs 8,700 crore. In April-June quarter, Idea posted loss of Rs 815.9 crore while RCom posted loss of Rs 1,210 crore.

Sounding confident about robust growth for the conglomerate, Srikanth further said that though Jio's net debt stood at Rs 49,000 crore, parent Reliance's debt will peak in the quarter to December or the next quarter, after which it will begin sliding. In the first quarter since Reliance Jio started charging for its services, it accumulated Rs 7,197.08 crore as value of services. "The revenue stood at Rs 8,079 crore during the same period a year ago".

The company reported earnings before interest, taxes, depreciation and amortisation or EBITDA of Rs 1,443 crore in September 2017 quarter, with margins at 23.5 per cent. However, RIL's GRM outperformed benchmark Singapore's complex margins by $3.7 per barrel.

The company said the increase in revenue was largely on account of a rise in prices and volumes in refining, petrochemicals and retail businesses.

Jio update: RIL's telecom arm, Reliance Jio saw its net losses widening to Rs 270.59 crore in the July-September quarter this fiscal against a net loss of Rs 21.3 crore in the preceding quarter.

Ambani said Reliance had "reported robust performance", with strong margins from its petrochemical and refining businesses, and a "positive contribution" from its 4G telecom services Reliance Jio - despite the recently formed division making a loss.

Reliance Industries shares closed 0.42 per cent higher at Rs 876.45 on NSE on Friday after touching a record high of Rs 890.70 during intraday trade.

"India is ready to go digital, move from voice to data and Jio is creating the foundation of data for the next generation business".

Reliance Jio is now bundling in 5GB monthly data and prime membership with two Lyf branded smartphone models, bringing the effective price down by almost 50% to around Rs 2,500.

Jio continues its rapid ramp-up of subscriber base and as of 30th September 2017, there are 138.6 million subscribers on the network. "The structural strength in energy and materials business environment augurs well for our new capacities which are coming on-line this year", he said.

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