Wednesday, 14 November, 2018

RIL Q4 net profit jumps 17.3 pc to Rs 9435 cr

Reliance Jio recruitment 2018 RJio to hire 80,000 employees now Reliance Jio to hire 80000 people in FY 2019
Glenn Montgomery | 29 April, 2018, 00:58

Apart from the telecom arm of Reliance the retail industries too reported a three time increase in profit in the fourth quarter in 2018. The company's profit after tax was higher by 20.6 percent at Rs 36,075 crore as against Rs 29,901 crore in the previous year.

Billionaire Mukesh Ambani-helmed Reliance Industries Ltd (RIL) reported its highest ever quarterly net profit of Rs9,435 crore, beating Street estimates, for the quarter ended 31 March.

Reliance Retail, the group's retail arm, nearly doubled its sales at ₹24,183 crore, against ₹10,332 crore in the year ago period.

Revenue from its refining and marketing business rose 28.8% to Rs 93,519 crore as its Jamnagar refinery, the world's largest, earned $11 from every barrel it processed. Reliance's oil and gas business saw widening of loss to Rs 600 crore from Rs 486 crore loss in Q4 of last fiscal as the output continued to fall. The company added 86 stores across formats during the quarter.

Airtel's 4G hotspot also supports up to 10 connections.

"We have established strong foundations in retailing and digital services business with world-class supply chain management and network infrastructure which will serve our customers well".

The JioFi exchange offer seems to return more than what you pay, but like any other offer, there are certain conditions that apply. The increase in revenue is primarily on account of higher volumes with start-up of petrochemicals projects and uptrend in the prices of products in refining and petrochemical businesses. RIL had launched the telecom services in September 2016. The combined entity is valued at over $1billion, with JioMusic's implied valuation at $ 670 million.

Reliance Industries' shares closed up 2% at Rs 994.75 on the BSE before the company announced its earnings. As on 31st March 2018, Reliance Retail operated 3,837 stores across 750 cities with an area of over 17.7 million square feet.

Network18 subsidiary TV18 Broadcast Ltd took operational control and increased its stake in Viacom18 to 51 per cent by acquiring 1 per cent equity from JV partner Viacom Inc. In addition, JioTV app won in the "Best Mobile Video Content" category for JioTV enabling Jio Digital Life.

Jio now offers three JioFi devices - JioFi, JioFi M2 and JioFi M2S - and going by the promo image, it seems like the JioFi M2S WiFi Router is being offered as part of the exchange offer.

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