RIL's Q4 consolidated net up 12.3%, annual profit rises 18.8%

Industrialist Mukesh Ambani-led Reliance Industries Limited's (RIL) consolidated net profit for the fourth quarter (January-March) of 2016-17 moved up by 12.3 per cent, a company statement said here on Monday.

The company posted net profit of Rs 8,046 crore for the fourth quarter of 2016-17 compared to Rs 7,167 crore clocked during the corresponding period in 2015-16.

RIL's turnover stood at Rs 92,889 crore for the fourth quarter of 2016-17, up 45.2 per cent compared to Rs 63,954 crore during same period a year ago.

"During FY 2016-17, the Reliance team shaped the contours of future growth platforms in the consumer and the energy and materials businesses. I am proud to be part of this gifted team that has strived tirelessly over the last few years to create unparalleled hydrocarbon assets, while ushering in the digital age to the remotest parts of our nation," said Mukesh D. Ambani, Chairman and Managing Director, RIL.

The company's net profit excluding exceptional items stood at Rs 8,046 crore for the fourth quarter compared to Rs 6,903 crore clocked during the same period in 2015-16. It was up by 16.6 per cent.

The annual consolidated net profit of the company stood at Rs 29,901 crore, up by 18.8 per cent on year-on-year basis, the company statement said.

Earning per share in fourth quarter saw a marginal rise at Rs 27.3 compared to Rs 25.5 in third quarter.

"Operationally, we continue to scale new heights. RIL generated its highest ever annual profits at Rs 29,901 crore, registering a growth of 18.8 per cent on y-o-y basis. Refining and petrochemicals businesses achieved record levels of profitability, underpinned by our ability to access feedstock competitively from global markets, maintain high operating rates and place products in growth markets," Ambani said.

"In digital services, the Jio movement is set to transform India. Jio is witnessing the largest migration from free to paid services in history. Jio is committed to provide its customers the highest quality and the world's most affordable data and voice services," he added.

Reliance Jio Infocomm, a subsidiary of RIL achieved a subscriber base of 108.9 million on its network till March 31, 2017.