Mumbai: Industrialist Mukesh Ambani-led Reliance Industries Limited's (RIL) consolidated net profit for the fourth quarter (January-March) of 2017-18 stood at Rs 9,435 crore, up by 17.3 per cent on year-on-year basis, a company statement said here on Friday.
The company had posted net profit of Rs 8,046 crore for the corresponding quarter in 2016-17. The company's consolidated revenue stood at Rs 129,120 crore, up 39 per cent during Q4 FY 18, compared to Rs 92,889 crore posted in the corresponding quarter a year ago. Increase in revenue is primarily on account of volume increase with start-up of petrochemicals projects and oil price related increase in realisations for refining and petrochemical products. The increase in consolidated revenues reflect robust growth of 134 per cent in retail business and continuing growth momentum in wireless subscriber additions for Digital Services business, the statement said.
The company said in FY18 revenue from the Refining & Marketing segment increased by 22 per cent year-on-year to Rs 306,095 crore ($47 billion), primarily on account of higher crude prices during the year. In Q4 FY18 revenue from the Refining & Marketing segment increased by 29.8 per cent year-on-year to Rs 93,519 crore ($14.3 billion) led by 24.2 per cent year-on-year higher crude oil prices during the quarter.
RIL achieved a consolidated revenue of Rs 430,731 crore ($66.1 billion) for the year, an increase of 30.5 per cent as compared to Rs 330,180 crore in the previous year. "FY 2017-18 was a landmark year for Reliance where we established several records on both operating and financial parameters. Reliance has become the first Indian company to record PBDIT (Profit Before Depreciation Interest and Taxes) of over $10 billion with each of our key businesses - Refining, Petrochemicals, Retail and Digital Services achieving record earnings performance," said Mukesh D. Ambani, Chairman and Managing Director of RIL.
He said substantial synergies, productivity gains and production growth in the energy and materials business has allowed the company to perform at very competitive levels despite the uptrend in oil prices through the year. "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. It is very heartening to see the traction our service offerings are gaining, with discerning Indian consumers. The growing Indian market provides exciting opportunities to scale-up these businesses and maximize long-term shareholder value in the coming years," he added.
Reliance Jio, a subsidiary of RIL, posted standalone net profit of Rs 510 crore for the fourth quarter (January-March) 2017-18. It had posted standalone net profit of Rs 504 crore for the third quarter (October-December) of 2017-18. Standalone revenue from operations of the company stood at Rs 7,128 crore during the fourth quarter. Subscriber base of Jio as on March 31 was 186.6 million with an average revenue per user during the quarter at Rs 137.1 per month.
"A full-blown social, mobile and digital revolution is underway across the world, and I am glad that India is not being left behind in any way with the advent of Jio. Everyone at Jio is today proud to have played a pivotal role in transforming the digital landscape of this country and empowering millions of Indians with all the leading digital tools and skills. Jio is offering the "power of data" to each Indian to fulfil every dream and to collectively take India to Global Digital Leadership," Ambani said.
"The strong financial results of Jio in a competitive market environment demonstrates the robustness of the Jio business model and ability to offer the most value to our customers and partners. Jio has demonstrated that it can scale and sustain its strong financial performance," he added. The company said in FY18 revenues for the Oil & Gas (exploration and production) segment increased by 0.3 per cent year-on-year to Rs 5,204 crore. The marginal rise in revenue is primarily due to ramp-up in coal-bed methane operations. Volumes from conventional fields and US shale were lower on account of natural decline and slowdown in development activity. In Q4, revenue for the exploration and production segment decreased by 43 per cent year-on-year to Rs 746 crore.