RIL's logs strong Q2 performance, net profit up 18%

Mumbai, Oct 18 (IANS) Reliance Industries (RIL) on Friday reported a 18.34 per cent rise in its consolidated net profit for the quarter ended September at Rs 11,262 crore, on the back of strong performance in its oil to chemical business.During the corresponding period of financial year 2018-19, the company had logged a consolidated net profit of Rs 9,516 crore, the company said in a regulatory filing.RIL reported a total income of Rs 1,55,763 crore, 5.76 per cent higher than the Rs 1,47,268 crore earned during the same period a year ago. The company also said that the cash profit increased by 18 per cent to Rs 18,305 crore. Commenting on the results, Mukesh Ambani, Chairman and Managing Director, Reliance Industries said: "The Company has reported record net profit for the quarter. These excellent results reflect benefits of our integrated oil to chemicals (O2C) value chain and the rapid scale-up of our consumer businesses."During the quarter, the company's oil to chemical businesses gained from favourable fuel margins environment, feedstock sourcing flexibility and higher petrochemicals volumes, he said. "Our O2C business, with new partnerships, is best placed to pursue growth and substantial value creation," Ambani said.
--IANS rrb/bc