Reliance Industries Q3 net profit rises 13.5% to Rs.11,640 Cr, Jio revenue up 28%

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Mumbai: Mukesh Ambani controlled Reliance Industries Ltd (RIL) on Friday reported 13.55% rise in its consolidated net profit at Rs.11,640 for the October-December period as against Rs.10,251 for the same quarter last year.  Revenue from operations dropped by 2.49% to Rs.1.57 trillion on a year-on-year basis. On a standalone basis, it reported a net profit of Rs. 9,585 crore, up 7.36% as against Rs.8,928 crore for the same quarter last year.

3Q FY20 revenue from the Refining & Marketing segment declined by 7.2% Y-o-Y to Rs. 103,718 crore ($ 14.5 billion) while Segment EBIT increased by 11.9% Y-o-Y to Rs. 5,657 crore ($ 792 million) with higher throughput and better GRMs. RIL delivered robust performance in a volatile crude pricing environment with geopolitical tensions impacting freight markets and heavy crude sourcing. R&M segment revenue was impacted by decline in crude prices Y-o-Y. RIL maintained significant premium over Singapore complex margins with product yield optimization to take advantage of firm middle distillate cracks and robust risk management. GRM for 3Q FY20 was at $ 9.2/bbl.

Reliance Jio has reported 63% growth in net profit at Rs.1360 Crore. Its Revenue has increased by 28.2% to Rs.16,517 crore. ARPU during the quarter was at Rs. 128.4 per subscriber per month.

 “The third quarter results for our energy business reflects the weak global economic environment and volatility in energy markets. Within our O2C chain, downstream petrochemicals profitability was impacted by weak margins across products with subdued demand in well-supplied markets. Refining segment performance improved in a difficult operating environment given our continuous focus on cost positions, high operating rates and product placement “Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said.

“ Jio is focused on giving unmatched digital experience to consumers on a nationwide basis at most affordable price, and accordingly expanding network capacity and coverage to keep pace with demand. We are making good progress on the value unlocking initiatives announced earlier while building on sustainable growth platforms for our shareholders” he added.

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