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New Indian Express
26-04-2025
- Business
- New Indian Express
RIL profit up 2.4% on consumer business
Reliance Industries, country's largest company by market-cap, on Friday reported a tepid 2.4% year-on-year rise in net income at Rs19,407 crore in the March quarter, weighed down by softer energy margins. Strong show by the digital and retail unit businesses has offset the impact. The earnings beat Street estimates of Rs 18,820 crore. Revenue for the reporting period rose 8.8% YoY to Rs 2.88 lakh crore, driven by digital services, retail and oil-to-chemicals business, chairman and managing director Mukesh Ambani said on Friday. The company incurred a capital expenditure of Rs36,041 crore but remained fully covered by cash generation of nearly Rs 40,000 crore, leaving net debt steady at Rs 1.17 lakh crore. It paid Rs 6,669 crore in taxes during Q4FY25 and Rs 25,230 crore for full year. Capex stood at Rs 36,041 crore for Q4FY25 and annual at Rs 131,107 crore. Outstanding debt as of March end stood at Rs 347,530 crore but it has carried cash & cash equivalents of Rs 230,447 crore, only Rs 117,083 crore in net debt or 0.60x its operating profit. It incurred a finance cost of Rs 24,269 crore, up 5% YoY for the fiscal, mainly due to higher average liability balances. Operating profit from digital services rose 18.5% to Rs 39,853 crore as Jio's 5G user base rose to 191 million and average revenue per user rose to Rs 206.2 after tariff revisions. Net profit from this vertical rose 25.7% to `7,022 crore for Q4 and Rs 26,120 crore for full year. Operating profit from retail arm grew 14.3% to Rs 88,620 crore on stronger store operating metrics and a 2.4-fold sequential jump in its hyper-local delivery business. It earned Rs 3,545 crore in net income during the quarter. These gains were partly offset by softer commodity prices and margins. Operating profit from refining arm fell 10% to Rs 15,080 crore as fuel prices were weaker and the cracks narrowed and the margins from polyester fell. As a result oil-and-gas operating profit fell 8.6% to Rs 5,123 crore on lower KG-D6 output, weaker coal-bed-methane price and one-time maintenance costs. For full year, consolidated revenue rose 7.1% to Rs 10.71 lakh crore and operating margins rose 2.9% to `1.83 lakh crore, a net income of Rs 81,309 crore, up 2.9% YoY. Of total pre-tax earnings from oil-and-gas stood at an all-time high of Rs 21,188 crore, those from retail arm crossed Rs 25,000 crore mark for first time. Profit from Jio Platforms topped Rs 25,000 crore, up 22%. Describing FY25 as a challenging year for global business environment with weak macroeconomic conditions and a shifting geo-political landscape, Amabni said 'focus on operational discipline, customer-centric innovation and fulfilling the nation's growth requirements has helped us deliver a steady financial performance'.
Express Tribune
29-03-2025
- Business
- Express Tribune
Gold hits peak as US tariff looms
Listen to article Due to the approaching April 2 deadline for tariffs set by the US president, gold experienced a record-breaking surge in both local and international markets on Friday. In Pakistan, the price of gold per tola rose to Rs323,380, marking a single-day increase of Rs2,380. Similarly, the price of 10-gram gold climbed to Rs277,246, higher by Rs2,041, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). In the international gold market, the price reached $3,074 per ounce (including a $20 premium), up $22 for the day. On Thursday, the price of gold per tola had already risen by Rs3,200, settling at Rs321,000. Interactive Commodities Director Adnan Agar stated that gold hit a historic high of $3,086 on Friday, while the lowest point of the day was $3,054, with the market currently standing at $3,072. He described the market as strong and volatile, with further fluctuations expected next week due to key global economic events. Two major factors influencing market sentiment are the upcoming US employment data and the April 2 tariff deadline set by US President Donald Trump. Agar noted that Trump was expected to follow through on his trade policies, which could provoke retaliatory actions from other countries, leading to further market uncertainty. "While a significant correction in gold prices is anticipated, the exact timing remains uncertain," he said. Globally, gold prices surged to a record high, as investors flocked to the safe-haven asset amid fears of a trade war triggered by Trump's latest tariffs. Spot gold climbed 0.9% to $3,082.39 an ounce after hitting its 18th record high this year at $3,086.70 earlier in the session. Bullion is up 2% this week and is on track for a fourth straight weekly gain. US gold futures added 0.9% to $3,088.90. Meanwhile, the Pakistani rupee saw a slight uptick against the US dollar, appreciating by 0.02% in the inter-bank market on Friday. By the end of the trading session, the currency closed at 280.16, marking a gain of six paisa against the greenback. A day earlier, it had settled at 280.22. Globally, the US dollar was on track for a stable week but faced a quarterly decline, as concerns over tariffs potentially slowing US economic growth weighed on yields, stocks and the currency. Meanwhile, the euro, trading just below $1.08, was set for its strongest quarterly gain in over a year, rising more than 4% since the beginning of 2025, driven by hopes of peace in Ukraine, a weaker dollar, and a surge in German benchmark yields. The Japanese yen showed slight gains and was poised for a quarterly increase of nearly 4%, trading at 151.19 per dollar, largely unaffected by Tokyo's persistent inflation.
