Reliance Industries has become the first Indian private sector company to report a quarterly profit of more than Rs 10,000 crore after record earnings from petrochemical, retail and telecom business offset a dip in refinery margins.
According to various media reports , the oil-to-telecom conglomerate reported an 8.8 per cent rise in its consolidated net profit to Rs 10,251 crore, or Rs 17.3 per share, in the third quarter ended December 31, 2018, as compared to Rs 9,420 crore, or Rs 16 a share, in the same period of the previous financial year, the company said in a statement.
This is the highest quarterly profit by any private company.
State-owned Indian Oil Corp (IOC) holds the distinction of posting highest ever quarterly profit by any Indian firm when it had reported a net profit of Rs 14,512.81 crore in January-March 2013.
Reliance Industries saw its revenue jump by 56 per cent to Rs 171,336 crore in October-December 2018.
The company opened more retail stores and added almost 28 million new subscribers to its Jio mobile phone service that helped increase the profitability of the venture as its traditional oil refining business witnessed margin pressures on falling international oil prices.
“In our endeavour to consistently create more value for our country and stakeholders, our company has become the first Indian private sector corporate to cross Rs 10,000 crore quarterly profits milestone,” RIL chairman and managing director Mukesh Ambani said.