Business

RIL’s consolidated Q4 net profit up 9.8%

RIL’s consolidated Q4 net profit up 9.8%

New Delhi, April 18 (IANS) Reliance Industries Ltd (RIL) on Thursday reported 9.8 per cent increase in its consolidated net profit for the January-March quarter of financial year 2018-19, on an year-on-year (YoY) basis.

The consolidated net profit during the fourth quarter of FY 2018-19 was Rs 10,362 crore, against Rs 9,438 crore reported during the corresponding period of the previous fiscal, RIL said in a regulatory filing.

The company reported a total revenue of Rs 1,54,110 crore during the quarter under review, up 19.4 per cent from Rs 1,29,120 crore on a YoY basis, it said.

For the financial year 2018-19, the company recorded a consolidated net profit of Rs 39,588 crore, higher 13.1 per cent from FY 2018. Total revenue for the last fiscal rose by 44.6 per cent to Rs 622,809 crore.

The company’s board has recommended a dividend of Rs 6.50 per equity share of Rs 101 each for the financial year ended March 31, 2019.

RIL’s exports from India were higher at Rs 2,24,391 crore ($32.4 billion) as against Rs 1,76,117 crore in the previous year.

Commenting on the results, Mukesh Ambani, Chairman and Managing Director, RIL said: “During FY 2018-19, we achieved several milestones and made significant strides in building Reliance of the future. Reliance Retail crossed Rs 100,000 crore revenue milestone, Jio now serves over 300 million consumers and our petrochemicals business delivered its highest ever earnings.”

The company said that transfer of Reliance Jio Infocomm Ltd’s fibre and tower undertaking to separate companies, through NCLT-approved Composite Scheme of Arrangement, was completed with effect from 31st March 2019. RJIL has entered into long-term usage agreements as anchor tenant for these assets, it said.

Infrastructure Investment Trusts have acquired 51 per cent equity stake in the two entities, respectively and the transaction has led to deleveraging of RJIL balance sheet.

“Future capex on passive infrastructure assets would be undertaken by the two entities,” the company said.

Further, the company said volume growth in petrochemicals business and rapidly increasing contribution from consumer businesses led to significant rise in operating profit for the year.

“Petrochemicals EBIT margin was at all time high of 18.7 per cent. Retail business profitability improved with strong growth in revenues, benefiting from scale and operating efficiencies.”

However, refining business contribution was lower with volatile crude oil price environment, weak light product cracks and subdued demand.

During the quarter ended March 2019, the basic earnings per share (EPS) was Rs 17.5 as against Rs 15.9 in the corresponding period of the previous year.

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