Reliance Industries to invest Rs 413 crore in Balaji Telefilms

RIL's chairman and managing director Mukesh Ambani

RIL's chairman and managing director Mukesh Ambani Screenshot from Jio Digital Life You Tube Video

Reliance Industries Ltd today reported 28 per cent jump in the June quarter net profit to Rs 9,108 crore on back of higher refinery and petrochemical margins.

The company clocked a revenue of Rs 90,537 crore, an increase of 26.7 per cent, as compared to Rs 71,451 crore in the corresponding period of the previous year.

RIL will be holding its annual general meeting on Friday. Refining business contributed ₹66,945 crore of revenue while petrochemicals accounted for ₹25,461 crore.

Refining margins are a key measure of profitability for the business.

RIL, which operates the world's largest refining and petrochemicals complex at Jamnagar (Gujarat), will report its earnings on Thursday.

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Standalone revenue from operations climbed 18.4 percent to 704.34 billion rupees.

Reliance Retail, the retail arm of Reliance Industries, has reported 65.8 per cent rise in pre-tax profit at Rs 398 crore for the first quarter ended on June 2017. Analysts had expected a decline in the gross refining margin for the quarter, on the the back of a sharp decline in crude/product prices.

Revenue was also boosted by robust growth in retail business which recorded a 73.6% increase in revenue to a Rs11,571 crore.

RIL's GRM outperformed Singapore complex margins by United States dollars 5.5/bbl.

Petrochemicals segment EBIT increased sharply by 43.7 percent to Rs4,031 crore (USD 624 million), supported by favorable product deltas and volume growth.

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"Over the past 3-4 years, we made significant investments in new plants, thus creating organic growth platforms for our energy and materials businesses".

Reliance Industries will pick up 24.9 percent stake in Balaji Telefilms for Rs 413.28 crore, through preferential issue of 2.52 crore shares at a price of Rs 164 per share.

RIL which has a market capitalisation of Rs 4,97,000 crore closed 0.31 per cent down at Rs 1,528.70 on the BSE on Thursday. "Full commissioning of the new PX facility...will strengthen the integration with our polyester chain, Ramp-up of ethane import projects has helped in diversifying feedstock resources and mitigating risks for our existing crackers at Dahej and Hazira".

On a consolidated basis, which includes the company's USA shale gas, retail and telecom operations, profit came in at 90.79 billion rupees, the company, which operates the world's largest single location refining complex, said.

Meanwhile, before earnings announcement, Jio launched the rights issue of optionally convertible preference shares to raise up to Rs 20,000 crore, reports CNBC-TV18.

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