Industry giant Reliance Industries Limited posted a consolidated net profit of Rs 9,459 crore, up 17.9 per cent from previous quarter last year, in its Q1 financial results announced on Friday. The company's consolidated revenue stood at Rs 141,699 crore, which rose 9.7 per cent sequentially and 56.5 per cent from the previous quarter last year. The company's profit before tax increased 30.3 per cent to Rs 13,726 crore, and cash profit rose 41.2 per cent to Rs 15,892.
"We continue to focus on strong delivery through operational excellence in our portfolio of businesses. Financial results of 1Q FY19 underscore the strength of the petrochemicals we have reinforced over the last investment cycle. Our petrochemicals business generated record EBITDA with strong volumes and an upswing in polyester chain margins. Refining business performance remained steady despite the seasonal weakness in cracks," said Mukesh Ambani, Chairman, Reliance Industries.
Earlier, analysts had estimated the oil-to-telecom conglomerate to post consolidated net sales of Rs 1,02,690 lakh crore for the quarter ended on June 30, a Bloomberg poll had said. Another poll, reported by Mint, had suggested the company would make around Rs 9,554 crore net profit. However, the company was able to beat the industry estimates.
The Customer-centric businesses, Reliance Retail and Reliance Jio Infocomm, also performed well. Reliance Retail recorded a sharp 124 per cent increase in revenue to Rs 25,890 crore and digital services business contributed Rs 9,653 crore for the quarter. Network18 Media and Investments Limited reported the revenue of Rs 1,124 crore, registering 36.2 per cent rise sequentially.
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