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Rediff.com  » Business » Reliance reports highest annual profit, reclaims king of m-cap status

Reliance reports highest annual profit, reclaims king of m-cap status

Source: PTI
April 24, 2017 17:47 IST
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Reliance Industries on Monday reported a 12.3 per cent rise in its March quarter net profit on the back of higher refining and petrochemical margins.

Consolidated net profit in January-March quarter at Rs 8,046 crore, or Rs 27.3 per share, was 12.3 per cent higher than Rs 7,167 crore net profit in the same period a year ago, the company said in a statement.

For the full 2016-17 fiscal, the company generated its highest ever annual profit at Rs 29,901 crore. The annual profit was 18.8 per cent higher than the previous year's.

Reliance earned USD 11.5 on turning every barrel of crude oil into fuel in the fourth quarter as compared to a gross refining margin of USD 10.8 per barrel in the same period a year before.

Reliance Jio has reported widening of its net loss to Rs 22.50 crore in the six months to March, a period when the company virtually had no revenue and ran two back-to-back promotional offers.

Net loss stood at Rs 7.46 crore in the same period a year ago, Reliance Jio Infocomm said in an exchange filing.

Jio, which launched its services in September, had no revenue from operations during October 2016 to March 2017 while other income fell to Rs 0.54 crore from Rs 2.23 crore in the same six months of 2015-16.

Jio is an unlisted arm of Reliance Industries and as per law is not required to put out quarterly numbers.

Meanwhile, Reliance Industries Ltd on Monday reclaimed its status as the country's most valued firm by market capitalisation (m-cap) after a gap of four years, replacing IT major TCS from the top position.

At the end of the trade on Monday, RIL commanded a market valuation of Rs 4,60,518.80 crore. This was Rs 1,586.43 crore more than TCS' Rs 4,58,932.37 crore m-cap.

Shares of both the companies ended on a positive note but gains were sharper in case of RIL.

The RIL scrip ended the day with a gain of 1.19 per cent at Rs 1,416.40 on BSE. TCS also rose by 0.77 per cent to close at Rs 2,329.10.

TCS had replaced RIL as the most valued firm more than four years ago but a sharp rally in the shares of the Mukesh Ambani-led firm in recent past has helped the company close the gap.

Image: Reliance chairman Mukesh Ambani. Photograph: Punit Paranjpe/Reuters.

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