Mumbai: Oil-to-telecom behemoth Reliance Industries Ltd (RIL) reported a consolidated net profit of ₹10,104 crore for the period ended 30 June, 2019 a rise of 6.82% from ₹9,459 for the same quarter last year. The consolidated revenue from operations grew 21.25% to ₹1.61 trillion during the quarter as against ₹1.33 trillion for the same period a year ago.
According to a Bloomberg survey of 11 brokers, RIL’s consolidated net sales are expected to come in at RS 1.45 trillion. Net profit was estimated at ₹9,706.20 crore by 13 brokers.
RIL's telecom business Jio reported a profit of ₹891 crore. Analysts had expected it to report around 7% quarter-on-quarter revenue growth with a marginal dip in average revenue per user (ARPU) by 1-2% to ₹125.
RIL's retail arm reported a rise of 48% in revenue at ₹38,186 crore for the quarter ended 30 June, 2019 as against ₹25,890 crore for the same quarter last year.
RIL's gross refining margin or GRM came in at $8.1 per barrel. It was expected to report its eighth consecutive quarterly decline in GRM, which is what a refiner makes from turning every barrel of crude to fuel. Analysts expected RIL’s GRM to come in at $8-$8.5 per barrel this quarter.
Brent crude oil prices fell 8.2% year-on-year to average $68.5 per barrel in the June quarter. Singapore GRM declined 43% year-on-year to $3.5 per barrel. Though GRM has recovered of late, the gasoline crack spread remains at lower levels. A slowdown in the demand environment along with new capacities set to come on schedule would put further pressure on GRMs.
Revenue from the petrochemicals segment stood at ₹37,611 crore for the June quarter, a dip of 6.64% when compared to ₹40287 crore posted in the same quarter last year. Analysts had estimated that performance in petrochemicals may not impress as chemical margins have been on a downtrend, especially in June, due to a possible slowdown in demand.
The RIL stock closed at ₹1,249 per share down 1.01% on Friday, while the benchmark index, Sensex lost 1.44% to close at 38,337.01 points.