Reliance Industries Q1 profit up 28 per cent

Reliance Jio 4G phones and petrochem business likely to be focus of Reliance Industries Q1 earnings today

Consolidated net profit for the three months through June rose to 91.08 billion rupees ($1.4 billion), up from 71.13 billion rupees a year earlier, said the Mumbai-based firm which is owned by India's richest man Mukesh Ambani.

Q1 revenues for financial year 20176-18 grew by 73.6% year-on-year to Rs 11,571 crore which the company stated as a milestone for quarterly revenues.

The special resolution is listed on the agenda of the 40th Annual General Meeting of RIL to be held tomorrow. "The 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".

"We expect most domestic refiners to report sequentially weaker refining margins".

RIL, which operates the world's largest refining and petrochemicals complex at Jamnagar (Gujarat), will report its earnings on Thursday.

Revenue for the period was up 26 percent to 900 billion rupees.

The capital expenditure for the quarter ended 30th June 2017 was Rs25,192 crore (USD 3.9 billion) including exchange rate difference capitalization.

The Indian multinational announced its consolidated revenue, which declined 2.5 percent to Rs. 90,537 crore from Rs. 92,889 crore on sequential basis.

Ambani said retail business witnessed accelerated growth momentum with YoY revenue growth of 74 percent.

The company announced its financial performance in refining, where the margins stood at United States dollars 11.9 a barrel for the quarter.

"Over the past 3-4 years, we made significant investments in new plants, thus creating organic growth platforms for our energy and materials businesses", Mr. Ambani, India's richest man, said.

Segment EBIT (including exceptional item of Rs 1,087 crore) increased by 13.4% (YoY) to a record level of Rs 7,476 crore, against Rs 6,593 crore in Q1FY17.

Reliance Jio Infocomm plans to raise ₹20,000 crore by way of a rights issue, the company said in a filing.

Balaji Telefilms Ltd. on Wednesday approved an investment by Reliance Industries through a preferential issue of 2.52 crore equity shares at Rs 164 each, totaling to Rs 413.28 crore.

Shares of the company declined Rs 4.8, or 0.31%, to settle at Rs 1,528.70. Reliance Industries is yet to discuss at its AGM on July 21 its previously proposed fundraising through private placement of non convertible debentures in order to replace its existing high cost debt and rapidly expand its telecom business Reliance Jio, which has already shaken up the industry with dirt cheap voice and data tariff offers.

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