RIL Posts Record Quarterly Profit of Rs 6,720 Crore In Q2; To Launch 4G 'LYF' Smartphones By November

16/10/2015 9:50 PM IST | Updated 15/07/2016 8:25 AM IST
World Economic Forum/Flickr
DAVOS/SWITZERLAND, 25JAN13 - Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries, India; World Economic Forum Foundation Board Member speaks during the session 'Meeting Millennial Expectations' at the Annual Meeting 2013 of the World Economic Forum in Davos, Switzerland, January 25, 2013. . . Copyright by World Economic Forum. . Remy Steinegger

Reliance Industries today announced that it will provide 4G services through its own LYF brand smartphones that will allow customers to make Internet-based calls.

"Reliance Retail will soon launch its own brand of 4G LTE smartphones under the brand LYF. The brand built on the premise of unmatched user experience will offer high-performance handsets that deliver a true 4G experience comparable to the best in the world," RIL said in a statement.

According to sources, LYF will have a dual SIM slot and is expected to be available in the market from November -- a month before the scheduled launch of its commercial 4G service.

The 4G smartphones will enable customers to make Internet-based calls like Voice over LTE (VoLTE), Voice over Wi-Fi (VoWi-FI), High Definition Voice and High Definition quality video calling on Reliance Jio Infocomm (RJIL) network.

Gearing up to the commercial launch, RIL said it has informed the Department of Telecom the sharing of spectrum in the 800 MHz band with RCom across seven telecom circles.

The sharing agreement will provide more bandwidth for RJIL to provide its high-speed 4G services.

The company holds the highest amount of liberalised spectrum among telecom operators which can be used for deploying any technology for mobile services. It has a total of 751.1 MHz spectrum across 800 MHz, 1800 MHz and 2300 MHz bands.

Meanwhile, Reliance Industries reported highest ever quarterly net profit of Rs 6,720 crore for three months ending September 30 on spike in refinery and petrochemicals margins.

Net profit for July-September quarter of the 2015-16 fiscal rose 12.5 per cent to Rs 6,720 crore, or Rs 22.8 per share, from Rs 5,972 crore, or Rs 20.3 a share, in the same period of last fiscal, the company said in a statement.

Sales however fell 33.8 per cent to Rs 75,117 crore on benchmark crude oil prices halving.

The operator of world's biggest oil-refinery complex earned USD 9 on turning every barrel of crude oil into fuel during second quarter of the current fiscal as compared to a gross refining margin of USD 3.7 per barrel in the year ago period.

The GRMs in September quarter were at 7-year high and the company's Jamnagar refineries in Gujarat earn USD 4.3 per barrel more than Singapore average.

The net profit included gains of Rs 252 crore from sale of investment in US shale gas pipeline venture, EFS Midstream LLC.

Net profit after excluding exceptional items was up 4 per cent to Rs 6,468 crore.

Pre-tax profit from petrochemical business was up 7.2 per cent while that from the oil and gas business declined over 70 per cent on fall in KG-D6 output.

RIL Chairman Mukesh D Ambani said: "We achieved record levels of EBITDA and profits for the quarter, underscoring our ability to optimally utilise our assets across the value chain to leverage favourable market conditions."

Refining business performance was notable as it benefited from a combination of high utilisation levels, advantageous crude market opportunities and strong global fuels demand, he said, adding that petrochemicals performance reflects strong volume growth, product mix improvement and lower energy costs.

Reliance Retail achieved a milestone of Rs 5,000 crore quarterly turnover mark for the first time, reflecting continuing growth momentum in physical retailing, he said.

"In Digital Services, we have substantially completed the network roll-out across the country and initiated the process of beta testing of our network and platforms," he added.

(With inputs from PTI)

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