RIL Q2 profit rises 7%, lags estimates

On a consolidated basis, which also includes RIL's U.S. shale gas, retail and other operations, profit came in at Rs8,109 billion rupees, the company said in a filing on Friday.

An ET Now poll had predicted a profit of Rs 8,450 crore (standalone) for the quarter. Revenue was also boosted by addition of Rs 6,147 crore of earnings from Jio, whose financial performance was included in RIL's earnings for the first time.

Consolidated revenue increased by 24% to Rs 1,01,169 crore during the quarter ending September as against Rs 81,651 crore in year-ago period.

Commenting on the results, Mukesh Ambani, Chairman and Managing Director, Reliance Industries said, "Our company reported another quarter of robust performance". RIL's GRM, a measure of realisation from making products out of crude oil, was still higher by $3.7 per barrel than the benchmark Singapore Gross Refining Margin for the September quarter.

"Increase in revenue is primarily on account of increase in prices and volumes in refining, petrochemical and retail businesses".

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Profit on a standalone basis, which includes refining, petrochemicals and oil and gas exploration businesses, rose to Rs8,265 crore in the quarter ended 30 September, its highest ever. "Further, the consolidated revenues reflect the commencement of commercial operations of RJIL's (Reliance Jio Infocomm Ltd) wireless telecommunication network during the quarter", the company said in a release.

Reliance Jio's revenue from operations during the quarter was Rs 6,147 crore and its subscriber base is at 138.6 million as of September 30.

"He added, ". We are confident that Jio will bring significant benefits to the Indian economy and the Indian customers and will take India to a much higher pedestal".

Cash and cash equivalents till Q2FY18 were at 77,014 crore ($ 11.8 billion) compared to Rs 77,226 crore as on 31st March 2017.

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