Reliance Industries released filings showing that it registered an all time high net profit for the fourth quarter, amounting to Rs 9,435 crores, thanks to advantageous outcomes in the refining and petrochemical business.
The firm, which revealed its fourth quarter and fiscal year accounts, showed a 17.3% increase in profit compared to last year’s figure amounting to Rs 8,046 crores. The hike is primarily attributed to an increase in the start-up of petrochemicals projects and new understandings about refining and petrochemical products.
Additional hikes were reported in the filings, such as a 21.8% increase in revenue to Rs 90,894 crore, exports increasing by 32.5% to Rs 51.295 crore in the fourth quarter, ending the fiscal year on March 31, 2018.
Moreover, Network 18 Media and Investments Limited, a firm owned by Reliance as well reported positive revenues of Rs 825 crores compared to the Rs 388 crores achieved last year during the same time frame. This hike is credited to the acquiring control of entertainment platform JV Viacom 18.
“FY 2017-18 was a landmark year for Reliance, where we established several records on both operating and financial parameters. Reliance has become the first Indian company to record PBDIT of over USD 10 billion with each of our key businesses – refining, petrochemicals, retail and digital services achieving record earnings performance. Substantial synergies, productivity gains and production growth in our energy and materials business have allowed us to perform at very competitive levels despite the uptrend in prices through the year,” said Reliance Industries Chairman and Managing Director, Mukesh Ambani.
Furthermore, Reliance’s telecom network, Jio also reported a net profit of Rs 723 crore, thanks to a sustainable growth in subscribers to 186.6 million as well as strong customer pull on new offerings. Jio’s standalone revenue from operations was Rs 7,128 crore, meaning a 3.6% quarterly increase and standalone net profit amount of Rs 510 crore.
The company also revealed that its total wireless data traffic during the last quarter of FY 17-18 stood at 506 crore GB and its total voice traffic during that same period was 37.218 crore minutes.