Published on January 22, 2018
Reliance Industries has reported a rise in consolidated profit by 25.1% in the third quarter of fiscal year 2018 of the year ended on 31 December 2017. Operating profit was up 38.4% to 141.7 billion rupees while revenue advanced 30.5% to 1.099 trillion rupees, primarily due to higher volumes following the start-up of petrochemical projects and increase in prices in refining and petrochemicals. Earnings per share for the quarter were 16.0 rupees compared with 12.8 rupees in the corresponding quarter of the previous year.
“Our refining business has delivered the 12th consecutive quarter of double-digit refining margins, demonstrating operating excellence and healthy industry fundamentals," says chairman and managing director, Mukesh Ambani.
During the quarter, Reliance commissioned the world’s first ever and largest refinery off-gas cracker complex with ethylene capacity of 1.5 million metric tons/year (MMt/y) along with downstream plants and utilities at its huge Jamnagar site. Reliance has also completed the sale of its interest in certain upstream assets in the United States, which were operated by Carrizo Oil & Gas, to BKV Chelsea, an affiliate of Kalnin Ventures.
