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Reliance Retail Q4 pre-tax profit jumps 208% to Rs 1086 cr

Reliance Retail Q4 pre-tax profit jumps 208% to Rs 1086 cr

The poll shows a 12.6% and 0.8% drop in revenue and net profit sequentially. While fourth-quarter revenues jumped 134 per cent to Rs 24,183 crore, its EBIT jumped to Rs 1,086 crore from Rs 352 crore in the same period previous year.

GRM for the year was at a 9-year high of $ 11.6 per barrel as against $11.0 per barrel in the previous year. The net profit for the year stood at Rs 723 crore and that too in a competitive market. The company's PAT from the refining business, however, dropped 10 per cent to Rs 5,607 crore. Earnings from the petchem division are expected to surge to Rs6,600 crore, a 92% rise year-on-year, largely attributed to the commissioning of the off-gas cracker and petcoke gasification units at the refinery in Jamnagar.

"FY 2017-18 was a landmark year for Reliance where we established several records on both operating and financial parameters", said Mukesh Ambani, chairman, RIL, commenting on the results.

Revenue rose 39% to Rs. 1,29,120 crore driven by a volume increase with the commencement of petrochemical projects and oil price-related increase in realisation for refining and petrochemicals. Reliance Jio reported 1.2 per cent rise in its net profit at Rs 510 crore for Q4 compared to Rs 504 crore in Q3. The refining margin was much higher than its global peers, but slightly lower than $11.5 it reported in the same quarter previous year.

Reliance Retail revenue grew 134 per cent YoY to Rs24,183 crore (Rs10,332 crore). A sharp rise in benchmark crude oil prices and the rupee depreciating against the United States dollar doesn't bode well for oil marketing companies; oil refining, marketing and petrochemicals account for the bulk of RIL's revenues. RIL had launched the telecom services in September 2016. More importantly, for Jio, its subscriber base has been seemingly increasing at a healthy rate, and the company is continuing to earn profits in spite of offering one of the most affordable 4G data plans the industry has ever seen.

RIL was presented with the "Drivers of Change" award at the Financial Times-ArcelorMittal Boldness in Business Awards providing recognition for RIL's exceptional commitment to innovation-led exponential growth and bringing transformational changes to India.

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