RIL net rises 17% on petrochem margins

Job alert Mukesh Ambani owned Reliance Jio plans to hire 80,000 employees

Telecom operator Reliance Jio today posted a 1.2 per cent sequential rise in its standalone net profit at Rs 510 crore for the last quarter of 2017-18.The company had registered a net profit of Rs 504 crore in the October-December 2017 period.

During the quarter, RIL announced strategic transaction with Saavn to form India's largest platform for music, media and artists through its digital music service, JioMusic.

The company said in FY18 revenue from the Refining & Marketing segment increased by 22 per cent year-on-year to Rs 306,095 crore ($47 billion), primarily on account of higher crude prices during the year.

Despite low cost mobile services, Jio posted the highest average revenue per user in the industry at Rs 137.1 per month during the reported quarter.

RIL reported gross refining margin (GRM) of $11.0 per barrel for the quarter ended 31 March 2018.

National Basketball Association roundup: DeRozan scores 32 points, Raptors beat Wizards in Game 5
Toronto led for a majority of the game, with Washington seemingly a possession or two behind, ready to strike. The Wizards led by five early in the second, but the Raptors responded with a 18-6 run to go ahead by seven.

Mukesh Ambani-led Reliance Jio's momentum doesn't seem to be stopping anytime soon. Its top line jumped 14.7 percent to Rs 84,037 crore from the previous quarter.

An analyst report from Motilal Oswal forecasts net profit of Rs9,450 crore for the quarter, backed mostly by strong petrochemical performance. Revenue grew by 105% year-on-year to Rs 69,198 crore from Rs 33,765 crore. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 5 percent to Rs 18,469 crore, and the operating margin was 15.8 percent.

Reliance Jio Infocomm Ltd. delivered nearly a flat profit growth in the three-month ended March. Its rivals are also facing the pressures on ARPU.

The company said its total Profit After Tax (PAT) in the petrochemicals segment almost doubled to Rs 6,435 crore during the fourth quarter ended March from Rs 3,441 crore in the corresponding quarter. At present, it is listed on the official site at Rs. 1,999 and an effective price of Rs. 700.

Mukesh Dhirubhai Ambani's biggest start-up in the world Reliance Jio Infocomm Ltd, or simply Jio, had started returning profits a couple of quarters ago. In addition, it supports calls over 4G VoLTE, and offers 64GB storage via expandable memory card slot.

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