Reliance Q3 Net Profit Rises 8% Sequentially at Rs 10,251 Crore

Reliance Industries Limited, the oil to telecom conglomerate, today posted a consolidated net profit of Rs 10,251 crore for October-December, rising 7.7% from the September quarter.

The company’s gross refining margins came in at a 15-year low of $8.8 per barrel, a shade better than what many analysts had predicted. Brokerage ICICI Securities had estimated the company’s GRM for the December quarter to come in at $8.7 a barrel, down from $9.5 a barrel in the September quarter.

Consolidated revenues from operations were Rs 1,60,299 crore, a double digit growth of 10% from the immediate previous quarter. Earnings before interest, tax, depreciation and amortization came in at Rs 21,317 crore.

The company’s board gave its approval to demerge the optic fibre cable business into Jio Digital Fibre Pvt Ltd and transfer its tower infrastructure undertaking on a slump sale basis to Reliance Jio lnfratel Pvt Ltd.

The telecom subsidiary of company, Reliance Jio Infocomm Ltd, continued its impressive performance. Its margins at the level of EBITDA improve by 30 basis points to 39%. It added a net 27.9 million users in the quarter gone by to reach a base of 280.1 million at the end of last calendar year.