Given the falling crude prices, RIL's gross refining margins are on a tear, with the company clocking an enviable $11.9 per barrel, much above the Singapore's benchmark of $6.4 per barrel during the June quarter. They held 43.3% stake in the production house till June 30, The Times of India reported. Additionally, he also said that market capitalization has multiplied from ten crores to over five lakh crores.
Revenue of the company grew 26.7 per cent to Rs 90,537 crore primarily on account of increase in prices and volumes of refining and petrochemical products, partially offset by lower prices and volumes from oil and gas exploration and production business.
"Strong refining and petrochemicals margin environment contributed to higher operating profits for the quarter", it said. Retail business also witnessed accelerated growth momentum with YoY revenue growth of 74 per cent. Over the past 3-4 years, we made significant investments in new plants, thus creating organic growth platforms for our energy and materials businesses.
Ambani also talked about newly-launched Jio and how it impacted. "Ramp-up of ethane import project has helped in diversifying feedstock sources and mitigating risks for our existing crackers at Dahej and Hazira".
Reliance Industries (RIL) has acquired a 24.92 per cent stake in Ekta Kapoor-owned TV and movie production house Balaji Telefilms for Rs 413.28 crore ($64 million). The company said that during Q1FY18, its revenues from organised retail jumped almost 74% to Rs 11,571 crore from Rs 6,666 crore a year earlier.
Revenue from the media business fell 8.8% to Rs. 321 crore with a negative EBIT of Rs. 41 crore.
In a separate filing, Balaji Telefilms said its board considered and approved an investment by RIL through a preferential issue of 2.52 crore shares at Rs164 each, aggregating Rs413.28 crore.
Before the earnings announcement, RIL shares closed at Rs.1,528.70, down 0.31%, on the BSE.
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