RIL Q2 net profit jumps to ` 8,109 cr

New Delhi: Oil-to-telecom conglomerate Reliance Industries on Friday reported a 12.5 per cent jump in its September quarter net profit after refining margin soared to nine year high and mobile telephony venture earned operational profit. Net profit in July-September at ` 8,109 crore, or ` 13.7 per share, was higher than ` 7,209 crore, or ` 12.2 a share, in the same period of last fiscal, the company said in a statement. The company earned ` 12 on turning every barrel of crude oil into fuel in Q2, up from ` 10.1 a barrel gross refining margin in same quarter of previous year and ` 11.9 a barrel in first quarter of the current fiscal. A year after re-entry into telecom business, Reliance said it earned operating profit of ` 260 crore with 1.53 crore subscribers being added in Q2 to take the total to 13.86 crore. Total revenue was up 23.9 per cent to ` 1,01,169 crore. Commenting on the results, RIL chairman and MD Mukesh Ambani said robust performance in the quarter is helped by “the financial performance of Reliance Jio which had a positive EBIT (earnings before interest and taxes) contribution in its first quarter of commercial operations”. Also, refining and petrochemicals businesses did well. “Sustained demand growth coupled with supply disruptions further tightened demand-supply balances globally during the quarter. The benefits of optimising our business through new projects are beginning to emerge. The structural strength in energy and materials business environment augurs well,” he said.