RIL Q2 net vaults 13% to Rs8,097 cr as refining margins peak

Mukesh Ambani's Reliance Industries sells US shale asset for USD 126 million

Mukesh Ambani's Reliance Industries sells US shale asset for USD 126 million

Reliance Jio has posted a net loss of Rs 270.6 crore against a loss of Rs 21.3 crore in previous quarter. Noted that, the revenue did grow to a 24.9% year on year to Rs. 27,999 crores. Earnings before interest and taxes (EBIT) in the segment increased by 10.8 per cent year on year to Rs 6,621 crore "aided by higher volumes and strong transportation fuel cracks", RIL said. "The results reflect strong underlying fundamentals of our refining and petrochemicals businesses". The country's largest telecom company Bharti Airtel's consolidated net profit plunged 74.89 per cent to Rs 367 crore for the June quarter of current financial year.

Profit on a standalone basis, which includes refining, petrochemicals and oil and gas exploration businesses, rose to ₹82.65 billion ($1.27 billion) in the quarter ended September 30, its highest ever.

Shares of Reliance Industries settled 0.48 per cent, up at Rs876.70, ahead of the earnings announcement on Friday.

Later in a video address Reliance Industries Chief Financial Officer (CFO) Alok Agarwal said during the quarter the company achieved several records at financial and operating performance and several milestones.

Facebook is Offering an Affordable VR Experience with the Oculus Go
It'll cost $US199 ($255), a good chunk cheaper than its big brother the Oculus Rift which originally sold for $US549 ($704). If you want to enjoy your device in a more private manner, you can always utilize the integrated 3.5mm headphone jack.

Airtel, Idea, and Vodafone have blamed the free offers by the newcomer for failing health of the industry, which is estimated to have a cumulative debt of Rs 4.5 lakh crore. The Mukesh Ambani-led company's GRM improved to a nine-year-high of $12 per barrel from $10.1 in the corresponding quarter, a year-ago period.

The loss was much lower than analysts' estimates that were at around Rs 2,000 crore. "Sustained demand growth coupled with supply disruptions further tightened demand-supply balances globally during the quarter", Mukesh Ambani said in a statement released after the quarterly results. RIL's consolidated revenue for the quarter stood at Rs 101,169 crore ($15.5 billion), an increase of 23.9 per cent over corresponding period of the previous year.

Getting into the statistics shared by Reliance Jio, the company is said that the average average revenue per user (ARPU) on one user per month was around Rs 156.4.

But the quarter was bittersweet in terms of widening loss at its telecom unit Reliance Jio and rise in the outstanding debt.

Manchester United snatch one point after draw against Liverpool
Liverpool should have taken more risks with their substitutions against Manchester United, says Jamie Carragher. But this is football and the most important thing was we didn't lose the game".

Despite being the newest entrant, Reliance Jio has accumulated more than 138.6 million subscribers and has triggered a shakeout in the industry by undercutting prices.

"In the petrochem segment, EBIT margins during the quarter expanded to 17.7 per cent, highest in the last ten years", he said.

2Q FY18 revenues for domestic E&P operations was at Rs760 crore up 8.4% YoY due to the commencement of CBM production.

"The strong financial results of Jio demonstrates the robust business model of Jio and the significant efficiencies that the Company has built through its investment in the latest 4G technology and right business strategy", he said.

Wash. AG Ferguson files lawsuit over Trump's health care order
The Justice Department said in court papers on Friday that the government would not make payments scheduled for October 18. Schneiderman said ending the subsidies is an attempt by Trump to " blow up" the nation's health care system.

Cash and cash equivalents till Q2FY18 were at 77,014 crore ($ 11.8 billion) compared to Rs 77,226 crore as on 31st March 2017.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.