Reliance says Fresh, Smart reaped note ban gains
Overall, RIL reported a 3.6% rise in its third-quarter net profit after petrochemical margins made good a drop in its core refinery profits
The retail business of Reliance Industries Ltd (RIL) reported a 47.2% year-on-year (yoy) increase in revenues for the third quarter of fiscal 2017 at Rs 8,688 crore, led by all consumption baskets.Overall, RIL reported a 3.6% rise in its third-quarter net profit after petrochemical margins made good a drop in its core refinery profits. Net profit of Rs 7,506 crore in October-December, was 3.6% higher than Rs 7,245 crore in the same period a year ago. RIL earned $10.8 on turning every barrel of crude oil into fuel as compared to a gross refining margin (GRM) of $11.5 in the third quarter of 2015-16 fiscal.Turnover was up 16.1% at Rs 84,189 crore."The retail business delivered strong profit before depreciation, interest and tax (PBDIT) of Rs 333 crore on year in Q3 FY'17 as against Rs 237 crore last year. During the quarter, Reliance Retail added 111 stores across various store concepts. Trends crossed a milestone of 300 stores during the quarter," company said, adding that at the end of the December quarter it operated 3,553 stores across 686 cities with an area of over 13.25 million square feet.