Reliance Industries records highest-ever net profit at Rs 29,901 crore

 BT Online        Last Updated: April 25, 2017  | 10:43 IST
RIL Q4 profit expands 12.3% on higher refining margins
RIL chairman Mukesh Ambani

Mukesh Ambani-led Reliance Industries on Monday posted its highest ever annual consolidated profit at Rs 29,901 crore for the financial year ended March 31, 2016. The annual profit was 18.8 per cent higher than the previous year's.

The oil-to-telecom conglomerate reported a 12.3 per cent jump in its March quarter net profit on the back of higher refining and petrochemical margins.

Consolidated net profit in January-March quarter at Rs 8,046 crore, or Rs 27.3 per share, was 12.3 per cent higher than Rs 7,167 crore net profit in the same period a year ago, the company said in a statement.

Commenting on the results, Mukesh Ambani, the Chairman and Managing Director, Reliance Industries Limited said: "RIL generated its highest ever annual profits at Rs 29,901 crore, registering a growth of 18.8 per cent on Y-o-Y basis. Refining and petrochemicals businesses achieved record levels of profitability, underpinned by our ability to access feedstock competitively from global markets, maintain high operating rates and place products in growth markets."

ALSO READ:  Reliance Jio reports Rs 22.50 crore net loss for second half of FY17

Reliance Retail has displayed encouraging performance with revenues growing by 60.2 per cent and EBITDA by 40.4 per cent on YoY basis, Ambani said in a press release.

"In digital services, the Jio movement is set to transform India. Jio is witnessing the largest migration from free to paid services in history. Jio is committed to provide its customers the highest quality and the world's most affordable data and voice services," Ambani added. 

Reliance Jio Infocom on Monday said it has posted a net loss of Rs 22.50 crore for the six months ended March 31, wider from a year ago when it was at Rs 7.46 crore. The company said that the number of Jio subscribers as of March 31 stands at 108.9 million and Jio paid subscriber base is at 72 million.

Reliance earned $11.5 on turning every barrel of crude oil into fuel in the fourth quarter as compared to a gross refining margin of $10.8 per barrel in the same period a year before.