RIL Q3 Results: Mukesh Ambani-led Reliance Industries becomes 1st Indian private sector corporate to cross Rs 10k cr quarterly profits milestone

RIL Q3FY19 Results: The Mukesh Ambani led Reliance Industries has presented its December 2018 (Q3FY19) quarter, under which the company recorded a consolidated net profit of Rs 10,251 crore, which was higher by 8.8% compared to net profit of Rs 9,420 crore a year ago same period. The Q3FY19 net profit also surged by 7.7% from Rs 9,516 crore witnessed in Q2FY19. Consolidated revenue from operations stood at Rs 171,336 crore in Q3FY19, registering growth of whopping 55.9% as against Rs 109,905 crore in same period of previous year and was also up by 9.6% from Rs 156,291 crore in Q2FY19.  For the nine months period in FY19, RIL's consolidated revenue grew by 55.6% to Rs 469,326 crore as compared to Rs 301,611 crore in the similar period of the previous year. While net profit rose by 14.4% to Rs 29,226 crore in 9MFY19 from Rs 25,550 crore a year ago same period. 

RIL stated in its financial audit report that, "Increase in revenue is primarily on account of higher price realizations and volumes for Petrochemical and Refining businesses along with continuing strong growth momentum in consumer businesses."

Mukesh D. Ambani, Chairman & Managing Director, Reliance Industries Limited said: “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."

Ambani added, "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."

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Product prices for the Refining and Petrochemicals business increased in line with 10.4% higher average Brent crude oil price. The higher volumes in Petrochemical business are on account of stabilization and ramp-up of new petrochemical facilities. Retail business and Digital Services business recorded an increase of 89% and 51% in revenue during the quarter compared to the corresponding quarter of the previous year.

Exports (including deemed exports) from RIL’s India operations were higher by 35.2% at  Rs 62,378 crore ($ 8.9 billion) as against Rs  46,151 crore in the corresponding period of the previous year due to higher volumes of polymer products and fibre intermediates on account of stabilization of new facilities at Jamnagar and higher product prices in petrochemical and refining business.

Operating profit before other income and depreciation increased by 21.3% to Rs 21,317 crore ($ 3.1 billion) from Rs 17,580 crore in the corresponding period of the previous year. 

Basic earnings per share (EPS) for the quarter ended 31 st December, 2018 was Rs 17.3 as against Rs 16.0 in the corresponding period of the previous year.

Cash and cash equivalents as on 31 st December, 2018 were at Rs 77,933 crore ($ 11.2 billion) compared to Rs 78,063 crore as on 31st March, 2018. These were in bank deposits, mutual funds, CDs, Government Bonds and other marketable securities. 

Outstanding debt as on 31st December, 2018 was Rs 274,381 crore ($39.3 billion) compared to Rs 218,763 crore as on 31st March, 2018.

On BSE, the share price of Reliance Industries finished muted at Rs 1133.75 per piece compared to previous trading price.