Reliance Industries profit rises 6.8% in June quarter

NEW DELHI: Oil-to-telecom major Reliance Industries (RIL) on Friday reported a 6.8 per cent growth in consolidated year-on-year profit. RIL's profit in June quarter stood at Rs 10,104 crore from Rs 9,459 crore posted in the same quarter previous year, the company said in a notification to exchanges.
The revenue from operations in Q1 came in at Rs 1,61,349 crore from Rs 1,33,069 crore last year.

Standalone profit, which reflects RIL's refining, petrochemicals and oil and gas production businesses, stood at Rs 9,036 crore in the first quarter of FY 2019-20.
Consumer businesses, which till last year accounted for a quarter of the company's pre-tax profit, contributed 32 per cent of EDITDA (earnings before interest, tax, depreciation and amortization) in Q1, the company said.
Retail business EBITDA crossed Rs 2,000 crore while telecom arm Jio posted a 45.6 per cent jump in profits at Rs 891 crore.
Jio telecom unit signed up 2.45 crore more subscribers in the June quarter. Jio reshaped the telecom industry in 2016, when it took on established rivals such as Bharti Airtel and Vodafone Idea with aggressive pricing.

The Mukesh Ambani-led company also announced that Canada's Brookfield Asset Management will invest Rs 25,215 crore in a trust that controls RIL's telecom tower infrastructure assets.
RIL shares closed 1.01 per cent lower on the BSE index, while the stock plunged 0.70 per cent on NSE.