RIL Chairman announces bonus shares, JIO phone launched today
Operator of the world’s biggest oil-refining complex, Reliance Industries Limited (RIL) on Thursday announced its consolidated quarterly net profit of 28% on 30 June at the quarter end, lifted by a higher-than-anticipated refining and petrochemicals edges and a one-time pick up of Rs 1,087crores by dispossessing its stake in the South-African subsidiary, Gulf Africa Petroleum Corporation.
The refining capacity of the world’s biggest refining complex in Jamnagar, Gujarat, is 1.24 million barrels per day. The rise in the quarterly net profit was highly anticipated due to the recent increase in the refining capacity. The Gross Refining Margin increased to $11.9 barrel from $11.5 barrel in the last quarter, the Petrochemicals revenue increased by 23% to Rs. 25,461. However, the oil and gas exploration segment witnessed a fall owing to the year-after-year fall in its gas output in KG-D6 block. The organized retail segment continued to witness growth at a scorching pace, with a 73.6% rise this year, amounting to Rs 11,571crores.
“Our industry leading portfolio of assets in the refining and petrochemicals business contributed to a considerable improvement in our earnings for the quarter. Retail business also witnessed accelerated growth momentum with YoY revenue growth of 74%,”said Mukesh Ambani, RIL chairman.
The people, however, have been on an eager look-out for the Annual General Meeting concerning JIO, RIL’s promoted telecom unit, and the launch of Jio 4G-enabled feature phones. The newly-launched phones can be availed on the first-come first-serve basis, starting from the month of September, as announced by the business tycoon himself in the on-going AGM on Friday.