Increase in revenue is primarily on account of robust growth in Retail & Digital Services businesses which grew by 27 per cent and 43 per cent, respectively. This was partially offset by decrease in Refining and Petrochemicals segment revenue with 17.7 per cent fall in Brent crude price, said RIL in a press release.
Exports including deemed exports from RIL’s India operations were lower by 12.1 per cent at ₹53,161 crore ($7.5 billion) as against ₹60,460 crore in the corresponding period of the previous year primarily due to lower price realisation for refining and petrochemical products and emphasis in domestic placement.
"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 this quarter, our O2C businesses gained from favourable fuel margins environment, feedstock sourcing flexibility and higher petrochemicals volumes. Our O2C business, with new partnerships, is best placed to pursue growth and substantial value creation.
"Continuing growth trends in our retail business is heartening. Guided by our obsession to provide the best value for our customers, Reliance Retail delivered robust performance with record quarterly revenues and EBITDA. Our digital services business is recognised for having the nation’s widest 4G wireless network. As an outcome of our team’s relentless efforts, Jio has become India’s largest mobility services provider. Jio today also has the highest market share in terms of 4G subscriber base and 4G data traffic in India. We are now executing yet another game changing initiative with the largest ever roll out of broadband services to home and enterprises through JioFiber. As always, we are committed to bring to Indian consumers more world-class products and services and providing them unique value propositions through innovation and technology,"said RIL chairman and managing director Mukesh D Ambani.
During 2Q FY20, continuing US-China trade dispute and feedstock price volatility impacted polyester chain markets.
PX prices fluctuated in line with trends in the crude and PTA futures markets. Moreover, concerns on additional supplies from China capped the uptrend in prices. Consequently, Q-o-Q PX prices dipped 11 per cent and PX-Naphtha margins declined 13 per cent to $306/MT – below the 5 year average.
PTA markets during 2Q FY20 remained healthy with stable demand from downstream polyester segment. During the quarter, unplanned shutdowns tightened PTA markets, limiting the downtrend in PTA prices PTA-PX delta remained well above the 5 years average despite weakening of prices by 12 per cent Q-o-Q and margins declining by 16 per cent Q-o-Q to $179/MT.
MEG markets rebounded with weak naphtha prices and stable prices throughout the quarter due to depleting port inventories. Chinese port inventory dropped 28 per cent towards the quarter end mainly due to reduced shipments from ME following Saudi supply disruption. The MEG margins surged 10 per cent Q-o-Q to $224/MT despite 2 per cent Q-o-Q drop in MEG prices.
Fibre2Fashion News Desk (PC)
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