Economy

RIL Q2 profit rises 7%, lags estimates

RIL Q2 profit rises 7%, lags estimates”

Oil-to-telecoms conglomerate Reliance Industries Ltd posted a 12.5 per cent rise in its September-quarter consolidated net profit, buoyed by higher margins from its core refining and petrochemicals businesses. "As always, the Group has demonstrated excellence in execution, vision and commercial acumen".

The company refined around 18.1 Million Tonnes (MT) crude in the second quarter and witnessed its revenue from the refining and marketing business grow 15.3 per cent to Rs 69,766 crore on the back of higher volumes and improved fuel cracks as compared to the corresponding quarter a year ago.

"Jio's financial results demonstrate "the robust business model and the significant efficiencies" in the 4G technology", said Ambani, the chairman and managing director of Reliance Industries.

RIL's telecom arm Reliance Jio logged a net loss of Rs 270.6 crore, beating street estimates.

Operating profit before other income and depreciation increased by 39.4 per cent to Rs 15,565 crore ($ 2.4 billion) from Rs 11,164 crore in the corresponding period of the previous year. The rise in earnings exceeded expectations, and was helped by strong showing in the company's petrochemicals business, which saw robust margins.

The world is transforming, turning digital and India is not going to be left behind.

The company's average revenue per user stood at 156.4 rupees.

Reliance Jio revealed that its total wireless data traffic stood at 378 crores GB during the quarter, while average voice traffic stood at 267 crore minutes per day.

Capital expenditure was principally on account of ongoing projects in the petrochemicals and refining business at Jamnagar and digital services business. "Sustained demand growth coupled with supply disruptions further tightened demand supply balances globally during the quarter".

"India is moving from voice to data; the number of customers who have adopted Jio services in this quarter is at 19.5 million...highest per capita data consumption at 9.62 GB/ user/ month", the company said. We are focussed on providing multi-layered digital services on top of the basic connectivity service to optimally utilise our world class infrastructure.

Reliance Jio is now bundling in 5GB monthly data and prime membership with two Lyf branded smartphone models, bringing the effective price down by almost 50% to around Rs 2,500.

RJio has completed one year since its launch in September 2016, and the revenue from operation now stands at Rs 6,147.06 crore by end of September 30, 2017.



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