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Reliance Industries Q2 Profit Up 7%, Lags Estimates

Its telecoms arm Jio Infocomm Ltd, which upended the telecoms industry with its free calls and cheaper data plans, posted a loss of Rs 2.71 billion

Indian oil-to-telecoms conglomerate Reliance Industries Ltd posted a 7.3 percent rise in its second-quarter standalone net profit, buoyed by higher margins from its core refining and petrochemical businesses.

Profit on a standalone basis, which includes refining, petrochemicals and oil and gas exploration businesses, rose to Rs 82.65 billion in the quarter ended September 30, its highest ever. But that was below analysts' average estimate of Rs 88.05 billion, Thomson Reuters data showed.

Refining, petrochemicals and oil and gas exploration businesses, which account for over 90 percent of the company's overall revenue and profit, delivered an 11.5 percent rise in quarterly revenue from operations to Rs 717.61 billion.

Gross refining margin, the profit earned on each barrel of crude processed, was $12.0 for the quarter, outperforming the benchmark Singapore complex margins by $3.7 per barrel.

On a consolidated basis, which also includes Reliance Industries' US shale gas, retail and other operations, profit came in at Rs 81.09 billion, the company said in a filing on Friday (13 October).

Its telecoms arm Jio Infocomm Ltd, which upended the telecoms industry with its free calls and cheaper data plans, posted a loss of Rs 2.71 billion.

Ahead of the results, shares in Reliance hit a record high of Rs 890.7, rising as much as 2.1 percent.

(Reuters)




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