Mumbai : Mukesh Ambani-controlled oil-retail-to-telecom conglomerate Reliance Industries Limited (RIL) today reported 8.8% rise in net profit to Rs 10,251 crore ($ 1.5 billion) in the 3rd quarter as against Rs 9,423 crore in the corresponding period of the previous year. The company’s revenue also increased by 55.9% to Rs 171,336 crore as against Rs 102,500 crore in the corresponding period of the previous year.
On standalone basis the company’s revenue increased by 37.7% to Rs. 108,561 crore ($ 15.6 billion) and Net Profit increased by 5.6% to Rs. 8,928 crore ($ 1.3 billion).
“In our endeavor to consistently create more value for our country and stakeholders, our company has become the first Indian private sector corporate to cross Rs. 10,000 crore quarterly profits milestone. I am proud to be part of the committed and talented team at Reliance that has helped achieve many milestones in our continuing growth journey” Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said.
“In an oil price environment that witnessed heightened volatility through the quarter, RIL has delivered strong quarterly results on a consolidated basis. Competitive cost positions and integration benefits is core to our Oil to Chemicals (Refining and Petrochemicals) business, driving sustained performance even in challenging global business environment. 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. In our wireless business, our customer-centric offerings and strong ubiquitous network are helping to digitalize India at an unprecedented rate. As we execute on our strategies to deliver superior products and services to Indian consumers, I am confident, Reliance is well-positioned for the future and for the next cycle of growth” he added.