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Reliance Industries’ Q4 net profit up 17.3% at Rs 9,435 crore (Roundup)
Mumbai, April 27 (IANS) Industrialist Mukesh Ambani-led Reliance Industries Limited’s (RIL) consolidated net profit for the fourth quarter (January-March) of 2017-18 stood at Rs 9,435 crore, up by 17.3 per cent on year-on-year basis, a company statement said here on Friday.
The company had posted net profit of Rs 8,046 crore for the corresponding quarter in 2016-17.
The company’s consolidated revenue stood at Rs 129,120 crore, up 39 per cent during Q4 FY 18, compared to Rs 92,889 crore posted in the corresponding quarter a year ago.
Increase in revenue is primarily on account of volume increase with start-up of petrochemicals projects and oil price related increase in realisations for refining and petrochemical products. The increase in consolidated revenues reflect robust growth of 134 per cent in retail business and continuing growth momentum in wireless subscriber additions for Digital Services business, the statement said.
The company said in FY18 revenue from the Refining & Marketing segment increased by 22 per cent year-on-year to Rs 306,095 crore ($47 billion), primarily on account of higher crude prices during the year.
In Q4 FY18 revenue from the Refining & Marketing segment increased by 29.8 per cent year-on-year to Rs 93,519 crore ($14.3 billion) led by 24.2 per cent year-on-year higher crude oil prices during the quarter.
RIL achieved a consolidated revenue of Rs 430,731 crore ($66.1 billion) for the year, an increase of 30.5 per cent as compared to Rs 330,180 crore in the previous year.
“FY 2017-18 was a landmark year for Reliance where we established several records on both operating and financial parameters. Reliance has become the first Indian company to record PBDIT (Profit Before Depreciation Interest and Taxes) of over $10 billion with each of our key businesses – Refining, Petrochemicals, Retail and Digital Services achieving record earnings performance,” said Mukesh D. Ambani, Chairman and Managing Director of RIL.
He said substantial synergies, productivity gains and production growth in the energy and materials business has allowed the company to perform at very competitive levels despite the uptrend in oil prices through the year.
“We have established strong foundations in retailing and digital services business with world-class supply chain management and network infrastructure which will serve our customers well. It is very heartening to see the traction our service offerings are gaining, with discerning Indian consumers. The growing Indian market provides exciting opportunities to scale-up these businesses and maximize long-term shareholder value in the coming years,” he added.
Reliance Jio, a subsidiary of RIL, posted standalone net profit of Rs 510 crore for the fourth quarter (January-March) 2017-18. It had posted standalone net profit of Rs 504 crore for the third quarter (October-December) of 2017-18.
Standalone revenue from operations of the company stood at Rs 7,128 crore during the fourth quarter.
Subscriber base of Jio as on March 31 was 186.6 million with an average revenue per user during the quarter at Rs 137.1 per month.
“A full-blown social, mobile and digital revolution is underway across the world, and I am glad that India is not being left behind in any way with the advent of Jio. Everyone at Jio is today proud to have played a pivotal role in transforming the digital landscape of this country and empowering millions of Indians with all the leading digital tools and skills. Jio is offering the “power of data” to each Indian to fulfil every dream and to collectively take India to Global Digital Leadership,” Ambani said.
“The strong financial results of Jio in a competitive market environment demonstrates the robustness of the Jio business model and ability to offer the most value to our customers and partners. Jio has demonstrated that it can scale and sustain its strong financial performance,” he added.
The company said in FY18 revenues for the Oil & Gas (exploration and production) segment increased by 0.3 per cent year-on-year to Rs 5,204 crore. The marginal rise in revenue is primarily due to ramp-up in coal-bed methane operations. Volumes from conventional fields and US shale were lower on account of natural decline and slowdown in development activity.
In Q4, revenue for the exploration and production segment decreased by 43 per cent year-on-year to Rs 746 crore.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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