Dependence net earnings increases by 18% in Q1

Reliance Industries today reported a record Rs 9,459 crore net revenue in April-June on the back of near doubling of earnings from essential petrochemical business.Net profit of Rs 9,459 crore, or Rs 16 per share, in the very first quarter of 2018-19 fiscal, was up 18% over Rs 8,021 crore, or Rs 13.5 a share, net revenue in the very same duration a year ago, the company said in a statement.
Revenue was up 56.5% at Rs 141,699 crore. The April-June 2017 revenue has actually been taken after excluding Rs 1,087 crore exceptional income from sale of stake in Gulf Africa Petroleum Corp.
. Reliance said pre-tax revenue from petrochemical service was up 94.9% to Rs 7,857 crore on better margins.Its Chairman

and Handling Director Mukesh Ambani stated: “Our petrochemicals service generated record EBITDA with strong volumes and an increase in polyester chain margins. Refining service efficiency stayed steady despite the seasonal weakness in fractures.” While retail service incomes have more than doubled and EBITDA has actually trebled, telecom arm Jio included a record number of customers, he added.

Mukesh Ambani
Gulf Africa Petroleum Corp Q1 results
Mukesh Ambani

Petrochemical company < img src = alt="Mukesh Ambani" title="Mukesh Ambani" >