RIL Q2 net profit at record $1 billion

The margins in the September quarter were at a seven-year high and the company’s Jamnagar refineries in Gujarat earn $4.3 per barrel more than the Singapore average.

Ambani, Reliance’s chairman, said in the statement that the company’s “refining business performance was notable”.

Barring retail, all major business verticals, while remaining profitable, saw significant drops in revenue this quarter: income from the refining and marketing business fell 41 per cent to ₹60,768 crore; petrochemicals took a 20 per cent hit, to fall to ₹21,239 crore; and income from the exploration and production business fell 31 per cent to ₹2,067 crore. The device will be sold offline across India through multibrand outlets and Reliance digital stores.

The 4G smartphones will enable customers make internet based calls like Voice over LTE (VoLTE), Voice over Wi-Fi (VoWi-FI), High Definition Voice and High Definition quality video calling on available 4G network.

“The brand…will offer high performance handsets that deliver a true 4G experience comparable to the best in the world”, RIL said.

Reliance Retail, one of the conglomerate’s newest businesses, turned in an outstanding performance.

However, the firm clocked a 33.8 per cent decline in turnover at Rs 75,117 crore as compared to Rs 1,13,396 crore in the corresponding period of the previous year.

Meanwhile, Reliance Industries reported highest ever quarterly net profit of Rs 6,720 crore for three months ending September 30 on spike in refinery and petrochemicals margins.

Meanwhile, Reliance’s supermarket chain added 110 new stores across India taking the total count to 2,857, the company said.

Reliance Retail would soon launch smartphones for the 4G telecom networks, the company said.

Roll-out of last-mile connectivity for its fibre-to-the-home business is also on.

It said on Friday it had the network in place and had thousands of professionals testing the system, covering a million kilometres a day.

During the recently concluded annual meeting, Anil Ambani said, “This overall strategic cooperation and partnership between Reliance Jio and Reliance Communications is a virtual consolidation in the telecom sector”.

Earlier this month, Reliance Industries (which owns Reliance Jio Infocomm) and Reliance Communications announced a partnership to trade and share mobile airwaves to offer high-speed 4G services. The company expects to ramp up its beta programme over the next few weeks to further optimise the network, prior to commercial launch of operations.

Financial year 2016-17 would be the first full year of Reliance Jio’s commercial operations.