Reliance General Insurance posts Rs 44 cr net profit

India's Reliance sees profits jump 28 percent

However, the scrip closed at Rs187.50, 0.46% higher on BSE.

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. Net profit in the April-June quarter of current fiscal at Rs 9,108 crore (Rs 30.8 per share) was 28 per cent higher than Rs 7,113 crore (Rs 24.1 a share) in the same period of the last financial year, RIL said in a statement. During the quarter, revenues from the refining and marketing segment increased by 18.3% (YoY) to Rs 66,945 crore, compared with Rs 56,568 crore a year ago.

"Our industry leading portfolio of assets in the refining and petrochemicals business contributed to considerable improvement in our earnings for the quarter", said Mukesh Ambani, CMD, RIL.

Gross refining margins recorded nine-year-high of United States dollars 11.9/bbl whereas petrochemicals EBIT margin were at all-time high of 15.8%. He added that retail business revenue grew 74 per cent, while the company continues to build its digital services business.

"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 new PX facility at Jamnagar during the quarter will strengthen the integration within our polyester chain.




The decision is, however, subject to Balaji Telefilms shareholders' and other approvals.

Shares of Balaji Telefilms soared almost 9 per cent today after Reliance Industries Ltd (RIL) board approved a plan to pick almost 25 per cent stake in the company for about Rs 413 crore.

On telecom business, RIL said Jio has become the fastest growing technology company in the world with more than 100 million subscribers in just 170 days. The app already has more than 40 lakh downloads in 80 countries, the company said.

RIL will get 2.52 crore shares through preferential allotment at Rs 164 apiece aggregating to Rs 413.28 crore.

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