Reliance Industries reports net profit of Rs 9,079 crore in June quarter; Mukesh Ambani says Jio has revolutionised telecom sector

Reliance Industries today reported consolidated profit of Rs 90,537 crore, an increase of 26.7 per cent as compared to Rs 71,451 crore in the corresponding period of the previous year.

RIL issued a press statement saying that increase in revenue is primarily on account of increase in prices and volumes of refining and petrochemical products partially offset by lower prices and volumes from E&P business.

"Revenue was also boosted by robust growth in retail business which recorded a 73.6 per cent increase in revenue to Rs 11,571 crore. Brent crude oil price averaged USD 49.9/bbl in 1Q FY18 as compared to USD 45.6/bbl in the corresponding period of the previous year," the statement said.

Commenting on the results, RIL Chairman and Managing Director Mukesh Ambani said: "Our Company recorded yet another strong quarterly performance with net profit of Rs 9,108 crore, up 28 per cent Y-o-Y."

He said that the leading portfolio of assets in the refining and petrochemicals business contributed to considerable improvement in the earnings for the quarter. Retail business also witnessed accelerated growth momentum with YoY revenue growth of 74 per cent.

Ambani also talked about newly-launched Jio and how it impacted. He said: "Jio has revolutionised the Indian telecom and data consumption landscape. This digital services business has been built to address the entire value chain across the digital services domain with smart applications to make life simple, beautiful and secure."