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Q1FY17 revenue drops 16.7% at Reliance Industries
18
Jul '16
Revenue at Mukesh Ambani led Reliance Industries Ltd (RIL) dropped 16.7 per cent year over year to Rs 59,493 crore for the three months ending June 30, 2016.

While, exports too declined 9.4 per cent from a fiscal ago quarter to Rs 33,282 crore, profit before tax, however surged 20.7 per cent to Rs 9,976 crore in the first quarter of fiscal 2016-17.

Cash profit also increased 13.8 per cent year on year to Rs 9,734 crore, while net profit also drove up 18.5 per cent to Rs 7,548 crore.

Sales from the petrochemicals segment declined marginally by 0.7 per cent over the prior fiscal's first quarter to Rs 20,718 crore, reflecting lower product prices resulting from decline in feedstock prices.

“This was partially offset by higher volumes mainly on account of new PTA and PET capacities and revenues declined marginally, primarily on account of lower volumes caused by disruption at Dahej,” RIL said.

Petrochemicals segment EBIT stood at a record level of Rs 2,806 crore in the reporting quarter, supported by demand led strength in polymer deltas.

Revenues from organised retail for the quarter under review soared 45.8 per cent year on year to Rs 6,666 crore from Rs 4,572 crore in the first quarter of fiscal 2015-16.

“The increase in turnover was led by growth in digital, fashion & lifestyle and petroleum products,” India's biggest private sector company stated.

“The organised retail business delivered strong PBDIT of Rs 240 crore as against Rs 198 crore in the corresponding period of the previous fiscal,” RIL added.

During the quarter, Reliance Retail added 138 stores across various store concepts, strengthened its distribution network for consumer electronics and enhanced omni commerce channel offerings. (AR)

Fibre2fashion News Desk - India

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