Reliance Industries' (RIL) consolidated net profit rose 28% to Rs 9108 crore on 26.7% rise in revenue to Rs 90537 crore in Q1 June 2017 over Q1 June 2016. The announcement was made after market hours yesterday, 20 July 2017.
Increase in revenue is primarily on account of increase in prices and volumes of refining and petrochemical products partially offset by lower prices and volumes from E&P business. Revenue was also boosted by robust growth in retail business which recorded a 73.6% increase in revenue to Rs 11571 crore. Reliance Retail witnessed growth across all consumption baskets during the quarter.
Strong refining and petrochemicals margin environment contributed to higher operating profits for the quarter. Gross refining margins recorded nine-year-high of $ 11.9 per bbl whereas petrochemicals EBIT (earnings before interest and depreciation) margin were at all-time high of 15.8%. Gross refining margin rose to $11.9 per barrel in Q1 June 2017 from $11.5 per barrel in Q1 June 2016.
The board of directors of RIL considered and approved an investment in Balaji Telefilms (BTL), to acquire 2.52 crore equity shares constituting 24.92% of BTL's equity, through subscription to preferential issue of shares by BTL to RIL for cash consideration of Rs 164 per equity share amounting to an investment of Rs 413.28 crore. This investment in content production (including digital content) is in line with RIL's commitment to invest and grow in telecom digital and media businesses.
BTL has launched a new digital platform, ALTBalaji (ALT), in April 2017, which has garnered over 3 million downloads and subscribers from over 75 countries since its launch. The transaction is subject to BTL's shareholder approval and regulatory compliances and other conditions precedent and is expected to be completed in 45 to 60 days.
Wipro's consolidated net profit rose 1.57% to Rs 2019.10 crore on 5% fall in total income to Rs 14281.40 crore in Q1 June 2017 over Q1 March 2017. The announcement was made after market hours yesterday, 20 July 2017.
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Wipro's board of directors approved a buyback proposal of up to 34.37 crore shares (representing 7.06% of total paid-up equity capital) from the shareholders of the company on a proportionate basis by way of a tender offer at Rs 320 per equity share for an aggregate amount not exceeding Rs 11000 crore.
Ashok Leyland will announce April-June 2017 results today, 21 July 17.
South India Paper Mills said that a long term settlement has been reached between the management and the worker's union including wage settlement. The worker's union have agreed to call off the strike at the company's paper mill at Chikkayanachatra, Nanjangud, before the Labour Commissioner, Govt of Karnataka, Bangalore. The announcement was made after market hours yesterday, 20 July 2017.
The board of directors of Talwalkars Better Value Fitness decided to issue 13 lakh equity shares on preferential basis to promoter group. The announcement was made after market hours yesterday, 20 July 2017.
Zensar Technologies' consolidated net profit surged 348.08% to Rs 48.08 crore on 5.05% rise in total revenue to Rs 756.91 crore in Q1 June 2017 over Q4 March 2017. The announcement was made after market hours yesterday, 20 July 2017.
Rallis India's consolidated net profit fell 74.02% to Rs 45.25 crore on 0.43% decline in total income to Rs 467.56 crore in Q1 June 2017 over Q1 June 2016. The announcement was made after market hours yesterday, 20 July 2017.
The board approved the divestment of its shares in Advinus to Eurofins Pharma Services Lux Holdings SARL.
The board also approved the scheme of amalgamation for the merger of Zero Waste Agro-Organics Limited, wholly owned subsidiary of the company, with the company, subject to such approvals as may be required.
Cupid's net profit rose 12.86% to Rs 4.32 crore on 21.22% rise in total operating income to Rs 19.69 crore in Q1 June 2017 over Q1 June 2016. The announcement was made after market hours yesterday, 20 July 2017.
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