PTI Mumbai, Maharashtra, India
Apr 18, 2019, 06.41 PM
Reliance Industries today reported 1.1 per cent rise in Q4 net profit to Rs 10,362 crore.
The oil-to-telecom conglomerate reported a 9.8 per cent rise in its consolidated net profit at Rs 10,362 crore, or Rs 17.5 per share, in the fourth quarter ended March 31, 2019, as compared to Rs 9,438 crore, or Rs 15.9 a share, in the same period of the previous financial year, the company said in a statement.
This is the highest quarterly profit by any Indian private sector company. State-owned Indian Oil Corp (IOC) holds the distinction of posting the highest ever quarterly profit by any Indian firm when it had reported a net profit of Rs 14,512.81 crore in January-March 2013 after it received the full-year fuel subsidy in just one quarter.
Reliance saw its revenue jump by 19.4 per cent to Rs 154,110 crore in January-March 2019, even though they were 9.7 per cent lower than Rs 170,709 crore revenue in the third quarter of the fiscal.
The company opened more retail stores and added 26.6 million new subscribers to its Jio mobile phone service that helped increase the profitability of the venture as its traditional oil refining business witnessed margin pressures on fluctuating international oil prices.
In full year 2018-19, the company posted a record Rs 39,588 crore net profit on a revenue of Rs 622,809 crore.
"During FY 2018-19, we achieved several milestones and made significant strides in building Reliance of the future. Reliance Retail crossed Rs 100,000 crore revenue milestone, Jio now serves over 300 million consumers and our petrochemicals business delivered its highest ever earnings," Reliance Industries Chairman and Managing Director Mukesh Ambani said.
The record profit for the year came in a period of heightened volatility in the energy markets, he said, adding pre-tax profit has more than doubled in the last five years to Rs 92,656 crore.
RIL's Q4 net profit rose 9.8 per cent year-on-year, helped in part by its retail businesses.