Mumbai, April 18: Reliance Industries (RIL) has posted the highest ever quarterly profit by any Indian private company after it reported on Thursday that its profit for the quarter ended March 31, 2019, touched Rs 10,362 crore. Compared to last year, the RIL profits this year registered a growth of 9.79 per cent from Rs. 9,438 crore to Rs 10,362 crore. The positive news for the company comes just a day ahead of Mukesh Ambani's sixth-first birthday. Mukesh Ambani Endorses Congress Candidate Milind Deora For Lok Sabha Elections 2019, Says 'He's The Man For South Mumbai'; Watch Video.
Experts credited the growth in profits to Reliance's retail businesses and Jio's reach. The profits have far exceeded the expectations and speculations made by those in the markets.
The dip in earning due to oil refinery was offset by the business in telecom and retail.
The oil-to-telecom conglomerate reported a 9.8 per cent rise in its consolidated net profit at Rs 10,362 crore, or Rs 17.5 per share, in the fourth quarter ended March 31, 2019, as compared to Rs 9,438 crore, or Rs 15.9 a share, in the same period of the previous financial year, the company said in a statement.
This is the highest quarterly profit by any Indian private sector company. State-owned Indian Oil Corp (IOC) holds the distinction of posting the highest ever quarterly profit by any Indian firm when it had reported a net profit of Rs 14,512.81 crore in January-March 2013 after it received the full-year fuel subsidy in just one quarter.