Reliance Industries has reported a 0.6 percent sequential growth in consolidated profit to Rs 9,516 crore for the quarter ended September 2018.
Meanwhile, Hathway approved raising fund up to Rs 2,940 crore via preferential allotment to RIL.
Consolidated revenue during the quarter grew by 9.73 percent to Rs 1,46,018 crore compared to Rs 1,33,069 crore in previous quarter.
Profit on year increased 17.35 percent and revenue 53.56 percent.
The Mukesh Ambani Group company said gross refining margin for the quarter stood at $9.50 a barrel against $10.5 a barrel in June quarter.
Crude oil price continued its upward trend in September quarter. Average Brent crude price was up 45 percent YoY and 1 percent Q-o-Q at $75 a barrel.
The stock rallied 29 percent during the quarter and gained 26 percent year-to-date. It has, though, corrected nearly 12 percent since August 28, when the market touched record high.
The stock closed at Rs 1,148.90, down Rs 14.75, or 1.27 percent ahead of quarterly earnings announced after market hours.
During the July-September quarter, RIL had raised prices of its key petrochemical products to offset higher crude oil prices and counter the effect of a weakening rupee. Bulk chemicals traders, suppliers for RIL’s petrochemical products and analysts tracking the company said it raised prices by 10-21% in Q2 2018-19 while year-on-year increase is 17-61%.
On the pettrochemical EBIDTA, last quarter it had hit a record high, the EBIDTA is expected to rise further by 8 percent quarter-on-quarter (Q-o-Q) to come in at Rs 8,490 crore
(Disclaimer: News18.com is part of Network18 Media & Investment Limited which is owned by Reliance Industries Limited)
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