IT

RIL to invest Rs 20000cr in Jio

RIL to invest Rs 20000cr in Jio

Mukesh Ambani-led Reliance Retail on Thursday reported a 65.8% jump in profit before depreciation, interest and taxes (PBDIT) to Rs 398 crore, for the first quarter ended June 30, 2017 of FY18 compared to the same quarter past year, the company said in its earning announcement.

The company achieved a revenue 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 reported a massive beat when compared with estimates and given the fact that it has already rallied quite a lot so far in the year 2017, I expect the stock to open higher with a 3-5 percent gap on Friday", SP Tulsian of sptulsian.com said in an interview to CNBC-TV18.

On a sequential basis, organised retail business showed 12 percent growth at Rs 11,571 crore and EBIT grew by 20.2 percent to Rs 292 crore, with margin expansion of 17 basis points. The oil and gas business saw revenue fall 1.2% to ₹ 1,324 crore, with the division sustaining an operating loss (at EBIT level) of ₹373 crore.

During 1Q FY18, revenue from the Refining and Marketing segment increased by 18.3 percent on a Y-o-Y basis to Rs66,945 crore (USD 10.4 billion).

The capital expenditure for the quarter ended June 30, 2017 was Rs 25,192 crore ($3.9 billion), including exchange rate difference capitalization. Gross Refining Margins (GRM) for 1Q FY18 stood at United States dollars 11.9/bbl as against USD 11.5/bbl in 1Q FY17.

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RIL's GRM outperformed the regional benchmark Singapore GRM by $5.5 per barrel. Retail business also witnessed accelerated growth momentum with YoY revenue growth of 74 per cent.

"Over the past three to four years, we made significant investments in new plants, thus creating organic growth platforms for our energy and materials businesses".

On a consolidated basis, which includes the company's USA shale gas, retail and telecom operations, profit came in at 90.79 billion rupees, the company, which operates the world's largest single location refining complex, said. Full commissioning of new PX facility at Jamnagar during the quarter will strengthen the integration within our polyester chain.

The company also said it planned to raise 200 billion rupees, through a rights issue, to make additional investments in its flagship 4G telecom services business, Jio.

As per the the deal, Balaji Telefilms will be issuing 2.52 crore shares to Reliance Industries at Rs 164 per share.

Shares of the company declined Rs 4.8, or 0.31%, to settle at Rs 1,528.70.


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