Finance

Reliance Retail's pre-tax profit jumps 40% in FY17

Reliance Retail's pre-tax profit jumps 40% in FY17

As for the refining business, the company surprised on Gross Refining Margins front, reporting it at $11.5 per barrel of oil in the fiscal fourth quarter that ended March 31, up from $10.8/bbl in the same quarter a year ago. Refining EBIT margins were down at 9.8 per cent for the quarter, compared with 15.8 per cent in the same quarter past year.

The fourth quarter revenues grew by 83 percent year-o-year to Rs 10,332 crore, a milestone level for quarterly revenues, the company said in the report. It had posted GRM at 10.8 a barrel in December quarter.

"Operationally, we continue to scale new heights".

"Refining and petrochemicals businesses achieved record levels of profitability, underpinned by our ability to access feedstock competitively from global markets, maintain high operating rates and place products in growth markets", Mukesh Ambani, chairman of RIL, said in a media statement. Operating profit, or earnings before interest and tax, from Reliance's refining business fell 1.6 percent from a year earlier to 62.6 billion rupees.

Revenue during the year increased 12.6 percent to Rs 3.3 lakh crore on account of increase in prices of refining and petrochemical products partially offset by lower volumes from E&P business.

The company, which had a net worth of Rs 70,864 crore, had a debt-equity ratio of 0.67 in the second half of 2016-17 compared to 0.89 a year earlier.×.

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Reliance Industries board has recommended a dividend of Rs 11 per share.

Total income of the company also jumped 45.2 per cent to Rs 92,889 crore from Rs 63,954 crore in the corresponding quarter. The refining and marketing business revenue rose about 50% to Rs 72,045 crore in Jan-Mar, the company said.

Jio, the telecom arm of Reliance industries, said that it continued to see a rapid ramp-up of subscriber base and as of March 31, 2017, there were 108.9 million subscribers on its network.

Reliance Retail has displayed encouraging performance with revenues in FY17 growing by 60.2 percent at Rs 33,765 crore and EBITDA by 40.4 percent at Rs 1,203 crore on YoY basis, Ambani said.

"In digital services, the Jio movement is set to transform India".