Mukesh Ambani’s Reliance Industries on Monday (April 24th) declared its ever highest yearly consolidated profit at Rs 29,901 crore for the fiscal year ended on March 31st, 2016. The annual profit was 18.8 percent more than the last year’s profit.
The oil to telecom merge showed a 12.3 percent hike in its March quarter net profit after higher refining and petrochemical borders.
The firm said in a statement that the total net profit in January-March quarter at Rs 8,046 crore, which was Rs 27.3 per share and 12.3 percent more than Rs 7,167 crore net profit of last year in the same period.
Talking about the results, Ambani said:
“During FY 2016- 17, the Reliance team shaped the contours of future growth platforms in the consumer and the energy and materials businesses.”
“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% on Y-o-Y basis. Refining and petrochemicals businesses achieved record levels of profitability, underpinned by our ability to access feed stock competitively from global markets, maintain high operating rates and place products in growth markets,” he said.
“With ongoing projects our portfolio will become significantly more robust and integrated, securing long-term profitable growth.”
Reliance Retail has showed cheering performance with revenues growth by 60.2% and EBITDA by 40.4% on Y-o-Y basis.
“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.