India's Reliance sees profits jump 28 percent

A sneak peak into the things to watch out for from the results of India’s most valued company RIL

Revenue for the period was up 26 percent to 900 billion rupees. "The increase in revenue is primarily on account of increase in prices and volumes of refining and petrochemical products partially offset by lower prices and volumes from E&P business".

Refining margins are a key measure of profitability for the business. According to a Motilal Oswal research report RIL was expected to report a decline in gross refining margin (GRM) in the April-June quarter.

Strong refining and petrochemicals margin environment contributed to higher operating profits for the quarter.

Mukesh Ambani's Reliance Industries Ltd (RIL) on Thursday said its board has approved to pick around 25 per cent stake in Balaji Telefilms by acquiring 2.52 crore shares for around Rs 413 crore. Retail business also witnessed accelerated growth momentum with YoY revenue growth of 74 per cent.

Regarding the company's telecom venture Jio, he said it has revolutionised the Indian telecom and data consumption landscape.

"RIL reported a massive beat when compared with estimates and given the fact that it has already rallied quite a lot so far in the year 2017, I expect the stock to open higher with a 3-5 percent gap on Friday", SP Tulsian of sptulsian.com said in an interview to CNBC-TV18.

"Over the past 3-4 years, we made significant investments in new plants, thus creating organic growth platforms for our energy and materials businesses", Mr. Ambani, India's richest man, said. "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".

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Organised retail contributed ₹11,571 crore to revenue and EBIT nearly doubled to ₹292 crore.

Operating profit was led by robust performance from petrochemicals business and sustained strength in the refining business. The telecom operators are facing tremendous pressure on revenue and profitability, even as the industry's debt has soared to almost Rs 8 lakh crore.

Jio will issue 400 crore of convertible preference shares to parent Reliance Industries (RIL) at Rs 50 apiece.

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.

Reliance Jio, India's youngest telecom operator, is raising Rs 20,000 crore through a rights issue to fund its growth plans.

"The board of directors at its meeting held on July 20, 2017, has decided to make a rights issue of 4 billion, 9% non-cumulative optionally convertible preference shares (OCPS) of ₹10 each for cash, at a premium of ₹40 per OCPS, aggregating to ₹20,0000 crore", it said.

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