MUMBAI: Reliance Industries (RIL) on Friday reported a 17.3 per cent jump in net profit for the quarter ended March 2018 amidst strong growth in petrochemical and consumer business.
The company’s consolidated net profit for the quarter stood at Rs 9,435 crore as compared to Rs 8,046 crore reported during the same period last year.
Meanwhile, Reliance Jio, the telecommunication arm of RIL reported a net profit of Rs 510 crore during the quarter despite stiff competition in the industry. Its subscriber base increased from 160.1 million as of December 3, 2017 to 186.6 million as at the end of March 2018.
“FY18 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 $10 billion with each of our key businesses — refining, petrochemicals, retail and digital services achieving record earnings performance,” said Mukesh Ambani, CMD, RIL.
Having established strong foundations in retailing and digital services business, Mr Ambani said the growing Indian markets provide exciting opportunities to scale-up these businesses and maximise long term shareholder value in the coming years.
Ahead of the results, the shares of RIL surged to its 52-week high of Rs 1,010.70 in the intra-day trade.
