Mukesh Ambani-led Reliance Industries on Friday recorded 6.8 per cent on year rise in profit at Rs 10,104 crore for the first quarter of FY20 as against Rs 9,459 crore in the corresponding quarter last fiscal year, beating street estimates. A Bloomberg poll of analysts had estimated the fist quarter net profit at Rs 9,696 crore and revenue at Rs 1.72 lakh crore. A poll by ETNow had predicted a profit of Rs 9,554 crore for the quarter under review. of the total revenue, organised retail contributed Rs 38,196 crore and digital services including Jio contributed Rs 14,910 crore.
A growth in the retail and telecom businesses helped offset a slowdown at its central oil refining and petrochemical operations. The consolidated revenue from operations surged to Rs 1.72 lakh crore in the period under review. The gross refining margins (GRMs) fell to $8.10 per barrel as against $10.5 per barrel in the same quarter last year.
Refining and retail EBIT were recorded at Rs 4,508 crore and Rs 1,777 crore, respectively, during Q1FY20 as against Rs 5315 crore and Rs 1069 crore, respectively, in the corresponding period last year.
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Shares of Reliance Industries ended the day at Rs 1,253, down 8.85 points, or 0.70 per cent on NSE.