RIL acquires 25% stake in Balaji Telefilms for Rs. 413 cr

The company said on Thursday that Reliance Jio will launch a rights issue of shares to raise Rs 20,000 crore

Mukesh Ambani-led Reliance Retail on Thursday reported a 65.8% jump in profit before depreciation, interest and taxes (PBDIT) to Rs 398 crore, for the first quarter ended June 30, 2017 of FY18 compared to the same quarter previous year, the company said in its earning announcement.

Gross refining margin, the profit earned from each barrel of crude processed, was at $11.9 in the June quarter, up from $11.5 a year earlier.

During the June quarter, crude oil prices fell to an average of $50.8 per barrel from $54.6 in the March quarter.

Exports (including deemed exports) from India operations were higher by 11.5% at Rs 371.11 billion (USD 5.7 billion) as against Rs 332.82 billion in the corresponding period of the previous year.

Employee cost increased by 16.3 percent at Rs2,455 crore ($ 380 million) as against Rs2,111 crore in corresponding period of the previous year due to increased employee base and higher payouts.

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


1Q FY18 revenues for the Oil & Gas segment decreased by 1.2 percent on a Y-o-Y basis to Rs 1,324 crore primarily due to lower volumes in USA shale and domestic operations.

Segment EBIT (including exceptional item of Rs 1,087 crore) increased by 13.4% (YoY) to a record level of Rs 7,476 crore, against Rs 6,593 crore in Q1FY17.

"RIL proposes to acquire 2.52 crore equity shares of BTL, constituting 24.92 per cent of the post-issue paid-up capital of BTL... for cash consideration of Rs 164 per equity share amounting to an investment of Rs 413.28 crore", the company informed the BSE.

The industry s debt stands at a staggering Rs 4.6 lakh crore, and an inter-ministerial group is looking at measures to mitigate the financial woes of the sector. Refining business contributed ₹66,945 crore of revenue while petrochemicals accounted for ₹25,461 crore.

"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.

Reliance said capital expenditure for the quarter was Rs 25,192 crore on account of ongoing projects in the petrochemicals and refining business at Jamnagar and digital services business. "It is our constant endeavor to deliver world-class product and experience to Indian consumers through our retail and digital services businesses, which we believe are game changing initiatives", said Ambani.

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