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<ul><li>The joint venture between <keyword id="10926" type="CITY" weightage="20" keywordseo="Reliance">Reliance</keyword> Industries and BP plans to have 5,500 retail sites and 45 aviation fuel stations over the next five years.</li><li>The fuel retailing stations will branded as Jio-BP outlets. </li><li>The JV is expected to be formed during the first half of 2020, subject to regulatory and other customary approvals.</li></ul>The success of Reliance Jio's telecom venture has made it a household name in India. Now, <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> wants to extend the brand presence to the fuel retailing stations too. Along with its third-quarter earnings, Reliance Industries announced that its pact with BP will be extended to form a new Indian fuels and mobility joint venture. "The venture expects to expand from RIL’s current fuel retailing network of over 1,400 retail sites and 30 aviation fuel stations across India to up to 5,500 retail sites and 45 aviation fuel stations over the next five years," the company statement said."The retail network will operate under the Jio-BP brand," it added. The venture is expected to be formed during the first half of 2020, subject to regulatory and other customary approvals. BP is a one-third partner in the KG-D6 oil and gas basin along with RIL and Canadian company Niko. The two companies, RIL and BP renewed their partnership last year, eight years after they first inked a pact to work together in India.

Not just mobile services, even Reliance petrol pumps will have 'Jio' brand on them

<ul><li><keyword id="6354504" type="DEFINITION" weightage="20" keywordseo="reliance-jio">Reliance Jio</keyword>’s growth in subscribers has slowed down this quarter.</li><li>It only added 29 million users in Q2 FY20 in comparison to adding 37 million during the same quarter last year.</li><li>Jio’s ARPU also hit ₹120, dropping for the seventh consecutive quarter. </li></ul>Reliance Industries released its earnings for the current quarter and its digital business, Reliance Jio, seems to be slowing down. Jio’s subscriber base only added 29 million in Q2 FY20. In comparison, Jio added 37 subscribers in the same quarter last year. However, the company is making more money out of its subscribers — the margin for Jio improved by as much as 170 basis points to over 11%. This would be heartening for the investors in RIL. And, even though growth is slowing down, the number subscribers has still grown 7.2% over the last quarter. A report published earlier today by the Telecom Regulatory Authority of India (TRAI) found that Jio was the only telecom operator to add subscribers during the month of August. "It's also a matter of great pride for us to share the fact that Jio is now the second largest single county operator in the world with a subscriber base of 355 billion," said Reliance Industries CFO, Alok Agarwal, during the earnings call. So even though subscriber growth is slowing down for the company, it’s still faring better than Bharti Airtel and Vodafone Idea. 
 
 
 
 
 
 
 
 
 
 
 
 
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 And, Jio’s average revenue per user continues to decline for the seventh consecutive quarter hitting ₹120. Usage continues to growth with the company recording 12 billion GB in data traffic and 813 billion minutes of voice traffic. "Both continue to grow quarter after quarter showing stronger levels of customer engagement on our network," stated Agarwal. 
 
 
 
 
 
 
 
 
 
 
 
 
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 The company reported a net profit grew at a yearly rate of 45.4% hitting ₹990 crore during the quarter. It's operating revenue also grew by 33.7% year-on-year to reach ₹12,354 crore. 
 
 
 
 
 
 
 
 
 
 
 
 
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 See also: <a href="https://www.businessinsider.in/business/corporates/news/top-highlights-from-mukesh-ambani-owned-reliance-industries-rils-quarterly-earnings/articleshow/71651084.cms">Reliance Industries posts a record profit even as refining and telecom verticals soften</a> <a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambani-owned-reliance-industries-forms-pact-with-bp-to-sell-aviation-fuel-in-india/articleshow/71651988.cms">Reliance Industries makes a new pact with BP to sell jet fuel in India</a> <a href="https://www.businessinsider.in/business/news/reliance-industries-retail-q2-earnings-report/articleshow/71651677.cms">Reliance Retail surprises with a sharp growth of 27% despite slowdown</a>

Reliance Jio added fewer subscribers in Q2 but made more money out of them 

<ul><li>The retail unit of <keyword id="6355199" type="ORGANIZATION" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> posted a strong show in second quarter earnings.</li><li><keyword id="58448" type="COMPANY" weightage="20" keywordseo="Reliance-Retail">Reliance Retail</keyword> saw its pre-tax profits grow by 66.8% to ₹2,322 crores. </li><li>The share price of Reliance Industries has jumped over 12% in the last one month compared to the 4% rally in Sensex.</li></ul>Reliance Retail announced its Q2 earnings for the current financial year. Despite a larger slowdown in the economy as well as in people’s consumption, Reliance Retail saw its pre-tax profits grow by 66.8% to ₹2,322 crores as opposed to ₹1,392 crores in the same quarter last year. The revenue from Reliance Retail grew to ₹41,202 crores as opposed to ₹32,436 crores in the same quarter last year. During the quarter, Reliance Retail added 337 stores taking the total store count to 10,901 stores. 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 It is present across areas like food and grocery, consumer electronics, fashion and lifestyle. Poised for growth Research firm Bank of America-Merrill Lynch (BofA-ML), in its latest report, predicts that Reliance Retail will be a big driver in taking RIL’s market value to a massive $200 billion in two years. A big chunk of the value created will come from serving the<a href="https://www.businessinsider.in/business/news/mukesh-ambani-owned-reliance-retail-revenue-estimate-from-kirana-stores/articleshow/71643159.cms"> kirana stores. </a> Reliance Retail, which was launched in 2006, has been growing rapidly over the years and has been aggressively acquiring companies as well. Earlier this year, Reliance Retail had acquired the iconic British toy making company Hamley’s and in July completed the 100% acquisition of the company for a <a href="https://www.businesstoday.in/current/corporate/mukesh-ambani-reliance-brands-completes-100-acquisition-of-hamleys/story/365664.html">reported</a> amount of ₹620 crore. The share price of Reliance Industries had already run up over 12% in the last one month and investors have priced a strong show from the company that was once an energy giant, and is now fast changing into a consumer business with its thrust on Reliance Retail and on telecom via Reliance Jio. 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/top-highlights-from-mukesh-ambani-owned-reliance-industries-rils-quarterly-earnings/articleshow/71651084.cms">Reliance Industries posts a record profit even as refining and telecom verticals soften</a> <a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambani-owned-reliance-industries-forms-pact-with-bp-to-sell-aviation-fuel-in-india/articleshow/71651988.cms">Reliance Industries makes a new pact with BP to sell jet fuel in India</a> <a href="https://www.businessinsider.in/business/news/mukesh-ambani-owned-reliance-retail-revenue-estimate-from-kirana-stores/articleshow/71643159.cms">Mukesh Ambani is set to make big money out of India’s millions of small kirana shops</a>

Reliance Retail surprises with a sharp growth of 27% despite slowdown

<ul><li>Reliance’s consumer business saw a massive growth despite a <keyword id="7603543" type="UNKNOWN" weightage="20" keywordseo="consumption-slowdown">consumption slowdown</keyword> in the country. </li><li>In the last quarter, Reliance opened 456 stores while we also added 1 million sq ft of retail space.</li><li>The total number of <keyword id="58448" type="COMPANY" weightage="20" keywordseo="Reliance-Retail">Reliance Retail</keyword> outlets is now at over 11,300, up 14% in the last one year. </li></ul>Reliance Retail posted robust EBITDA of 62% year-on-year jump for the third quarter of FY20. In the last 9 months of the current financial year, the retail business profits are higher than the full 12 months of the previous financial year. All this amidst a sharp slowdown in consumption in the country. In the last quarter, Reliance Retail saw over 176 million customers walk into the stores with 117 million registered customers, growing at 42.6% over the same period last year, according to Chief Financial Officer (CFO) Alok Agarwal. This, at a time, when the Reserve Bank of India survey showed that consumer confidence is at <a href="https://www.businessinsider.in/careers/news/rbi-consumer-confidence-index-dropped-to-85-7-in-november-due-to-declining-employment-and-income-outlook/articleshow/72380961.cms">its worst in six years</a>. You name ‘em, he’s got ‘em Reliance Retail includes everything from large department stores to Reliance Digital, which sells electronics and gadgets, to apparel stores under the Reliance Trends banner to standalone outlets of Diesel, Hamleys, Bally Kenneth Cole, Thomas Pink, Brooks Brothers, Super Dry and Steve Madden in India. The consumer businesses— Reliance Jio and Reliance Retail ⁠— now <a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambani-reliance-industries-q3-earnings-revenue-profit-and-share-price/articleshow/73331424.cms?src=hp_ts">make for 37% of the conglomerate’s total EBITDA</a> compared to less than 1% five years ago. “I am pleased with the progress of our consumer businesses which continue to establish new milestones every quarter,” Chairman <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> cheered. The secret of success This has a lot to do with the fact that the company has been on a spree adding stores across the country. The total store count is up over 14% in the last one year, adding up to over 11,300 outlets now. That has led to sharp rise in sales as well as profit. In the last three months, Ambani added 1 million square feet of store area. The retail segment also employs over 1,25,000 people. 
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 The retail segment of Reliance industries saw its earnings before interest, tax, depreciation, and amortisation (EBITDA) grow over one and half times to ₹2,727 crore compared to the same period last year. “Retail is our hyper growth business. Our consumer business grew 12%, retail business delivered 15 consecutive quarters of revenue and EBITDA growth and 7 quarters of margin profit,” Agarwal added. The ‘future’ of Reliance Brands Reliance Brands, a subsidiary of the retail unit, increased its equity shareholding in Future101 by 2.5% for a consideration of ₹2 crore, taking its total stake in Future101 to 17.5%. Future 101 is the parent of luxury designer Raghavendra Rathore’s label, which Reliance Industries first bought a stake in 2018. See Also: <a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambani-reliance-industries-q3-earnings-revenue-profit-and-share-price/articleshow/73331424.cms?src=hp_ts">Reliance Jio and Reliance Retail boost earnings for Mukesh Ambani-owned RIL</a>

Consumption slowdown? Reliance Retail posts a 62% jump in pre-tax profits

<ul><li>Mukesh Ambani-owned Reliance Industries declared its second-quarter earnings today.</li><li>Profit jumped 9.5% to ₹9,702 crore compared to year earlier even as management acknowledged a slowdown in consumption.</li><li>The share price of RIL had jumped over 12% in the last one month compared to the 4% rally in the benchmark index, Sensex.</li></ul>Mukesh Ambani-owned Reliance Industries declared its second-quarter earnings today. The net profit for the period between July and September 2019 jumped 9.5% to ₹9,702 crore-- the highest ever in the company's history. 
 
 
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 This performance came despite some softness in the refining business. Gross refining margin for the period came in at $9.4 a barrel, which will be a disappointment for the markets, according to analyst SP Tulsian who spoke to a television channel. 
 
 
 
 
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 The share price of Reliance Industries had already run up over 12% in the last one month and investors have priced a strong show from the company that was once an energy giant, and is now fast changing into a consumer business with its thrust on Reliance Retail and on telecom via Reliance Jio. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 Reliance Retail's strong 27% growth in quarterly revenue would come as a surprise even for the company that did acknowledge a slowdown in consumption. Subscriber addition by Reliance Jio slowed, so did the average revenue per user, but the company managed to cut costs and make more margin out of its telecom business. These are some of the top highlights from <keyword id="907891" type="PERSON" weightage="20" keywordseo="Reliance-Industries-earnings">Reliance Industries earnings</keyword>: 1. Revenue decreased by 8.4% to ` 94,446 crore ($ 13.3 billion) 2. Exports decreased by 12.1% to ` 53,161 crore ($ 7.5 billion) 3. Gross Refining Margin (GRM) of $ 9.4/bbl for the quarter 4. Refining Throughput of 16.7 MMT during the quarter 5. Petchemicals Production of 9.9 MMT during the quarter. 6. Reliance Jio'subscriber addition has been less than estimates but margin has improved sharply. 7. Jio reported a 45.40% rise in profit at ₹990 crore compared to the same time last year 8. The average revenue per Jio user was ₹120. 9. Outstanding debt at September end was ₹2.91 lakh crore ($41.2 billion). 10. Petrochemicals revenue fell 11.9% compared to the same period last year. "We continue to build our consumer businesses. The strategic partnership with Aramco highlights its value to all stakeholders. The petrochemicals will benefit from both rising demand in India and our feedstock," Chief Financial Officer Alok Agarwal said in his post-earnings webcast. SEE ALSO: <a href="https://www.businessinsider.in/business/news/reliance-industries-retail-q2-earnings-report/articleshow/71651677.cms" data-type="tilCustomLink" target="_blank">Reliance Retail surprises with a sharp growth of 27.3% despite slowdown</a> <a href="https://www.businessinsider.in/business/news/reliance-industries-retail-q2-earnings-report/articleshow/71651677.cms" data-type="tilCustomLink" target="_blank">Reliance Retail surprises with a sharp growth of 27.3% despite slowdown</a> <a href="https://www.businessinsider.in/business/corporates/news/reliance-jio-plans-made-more-money-but-added-fewer-subscribers/articleshow/71651933.cms" data-type="tilCustomLink" target="_blank">Reliance Jio added fewer subscribers in Q2 but made more money out of them</a>

Reliance Industries posts record profit-- retail shines despite a slowdown

New Delhi, Jan 17 () Telecom operator Reliance Jio on Friday posted a 62.5 per cent jump in its standalone net profit at Rs 1,350 crore for the October-December quarter of FY 2019-20. 
The telecom arm of Reliance Industries, Jio had posted a net profit of Rs 831 crore in the corresponding quarter a year ago.
 The company recorded an increase of 28.3 per cent in its operating revenue at Rs 13,968 crore as compared to Rs 10,884 crore in the year-ago period. 
 "Jio has continued on its unprecedented growth journey receiving overwhelming customer response for best in class mobile connectivity services. Jio is also determined to redefine the wireline infrastructure, home entertainment and enterprise market in India with its FTTx services which bundle best-in-class connectivity with bouquet of digital content and services," RIL Chairman and Managing Director Mukesh Ambani said in a statement. 
 He said that a truly transformational and disruptive digital services company has also been set up to drive the next leg of growth.
 Reliance Jio subscriber base increased by 32.1 per cent as on December 31, 2019 on year-on-year basis to 37 crore and average revenue per user stood at Rs 128.4 during the quarter. 
 Total wireless data traffic during the quarter on its network increased by 39.9 Y-o-Y basis to 1,208 crore GB, and voice traffic during the quarter jumped 30.3 per cent to 82,640 crore minutes. PRS MBI MKJ

Reliance Jio net profit surges 62.5% to Rs 1,350 cr in Dec qtr

<keyword id="6355199" type="ORGANIZATION" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> Ltd (RIL), India's largest company, on Thursday said its board has approved hiving off its USD 75 billion worth oil-to-chemicals business into a separate division to enable the sale of 20 per cent stake in the unit to Saudi national oil company Aramco. The hiving off will be subject to the approval of the National Company Law Tribunal. After the approval, the oil-to-chemical (O2C) business will become a separate vertical with independent balance sheet just like the conglomerate's digital arm, Jio Platforms. RIL had organised all its digital businesses including Reliance Jio that has 388 million telecom subscribers, into Jio Platforms. It last week agreed to sell a 9.99 per cent stake in Jio Platforms to <keyword id="319320" type="COMPANY" weightage="20" keywordseo="Facebook-Inc">Facebook Inc</keyword> for USD 5.7 billion. RIL Board "approved a Scheme of Arrangement for transfer of O2C Undertaking of the company to <keyword id="9147221" type="COMPANY" weightage="20" keywordseo="reliance-o2c-ltd">Reliance O2C Ltd</keyword> as a going concern on slump sale basis for a lump sum consideration equal to the income tax net worth of the O2C Undertaking as on the appointed date of the Scheme," it said in its fourth-quarter earnings statement. O2C undertaking of the company comprises entire oil-to-chemicals business of the company consisting of refining, petrochemicals, fuel retail and aviation fuel (majority interest only) and bulk wholesale marketing businesses together with its assets and liabilities. "The scheme is subject to necessary statutory/regulatory approvals under applicable laws including approval of National Company Law Tribunal," it added. In August last year, RIL head <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> had announced initial agreements to sell a 20 per cent stake in the oil-to-chemical business to <keyword id="152170" type="COMPANY" weightage="20" keywordseo="Saudi-Aramco">Saudi Aramco</keyword> for an asking of USD 15 billion. The deal covers all of Reliance's refining and petrochemicals assets as well as the remainder of stake the firm has in fuel retailing business after selling 49 per cent to BP Plc of UK for Rs 7,000 crore. The deal, which valued the oil-to-chemical business at USD 75 billion, was to close by March 2020 but it is now expected to close within the current calendar year. Reliance has pivoted away from energy to the new economy. But refining and petrochemicals are cash cows for Reliance and still account for the bulk of its EBITDA. As part of the August deal, Saudi Aramco will supply 500,000 barrels per day (25 million tonnes a year) of crude on a long-term basis to RIL's Jamnagar refinery complex (more than a third of the 1.36 million bpd refining capacity). The deals give Aramco and BP access to the fastest-growing refined fuels market in the world. Market analyst firm Bernstein in a recent report had stated that it expects RIL to grow their petrochemical and refining business given the secular growth opportunities. "While bears will argue that Reliance is stepping away from energy to digital, we see this deal as an opportunity to expand the downstream business in India with a solid partnership. For Aramco, the deal provides direct access to what is widely expected to be the fastest-growing refined oil product market over the next 20 years," it said. "For Reliance, it provides cash to fund the expansion of their digital business and further expansion of downstream capacity with an experienced partner." While talks with Aramco continue, the BP deal has been finalised. Reliance's existing 1,400-odd petrol pumps, as well as 31 aviation fuel stations, will be transferred to the new joint venture where BP will hold 49 per cent equity stake. Reliance will hold the balance 51 per cent in the entity, which aims to expand the retail network to 5,500 petrol pumps in the next five years. This is the third joint venture between Reliance and BP since 2011. BP had in 2011 bought 30 per cent stake in 21 oil and gas exploration and production blocks of Reliance for USD 7.2 billion. At that time, another 50:50 joint venture, <keyword id="838593" type="COMPANY" weightage="20" keywordseo="India-Gas-Solutions">India Gas Solutions</keyword>, was set up for sourcing and marketing gas in India. The country currently has 69,109 petrol pumps, with public sector retailers owning 61,811. PSU retailers have plans to double this network and have already started appointing dealers. Russia's Rosneft-backed Nayara Energy, formerly Essar Oil, has 5,702 petrol pumps and has plans to scale them up to more than 7,000 in two-three years. Royal Dutch Shell has 189 outlets and is slated to add 150-200 more petrol pumps. BP had in 2016 received a licence from the government to set up 3,500 petrol pumps in India. French energy giant Total SA too is keen on entering the Indian retail market and has tied up with Adani Group for the same. The Saudi national oil company, along with its partner UAE's Abu Dabhi National Oil Co (ADNOC) has taken a 50 per cent stake in a planned USD 60-billion mega refinery-cum-petrochemical complex in Maharashtra by state-owned oil companies, and has a bullish outlook on India's energy demand and is keen on investing here. Reliance operates two refineries in Jamnagar, Gujarat, with a total capacity of 68.2 million tonnes per annum. It plans to expand its only-for-exports special economic zone (SEZ) refining capacity to just over 41 million tonnes from the current 35.2 million tonnes. Saudi Arabia, on the other hand, is keen to get a foothold in the world's fastest-growing fuel market to get a captive customer for the crude oil it produces. Crude oil is the basic raw material for the manufacturing of petrochemicals. Saudi Aramco is also keen on retailing fuel in India. A refinery in India can also be a base for it to export fuel to deficit countries in Europe and the Americas. India has a refining capacity of 249.9 million tonnes, which exceeded the demand of 213.7 million tonnes. See also: <a href="https://www.businessinsider.in/business/corporates/news/ril-rights-issue-ratio-pricing-and-value/articleshow/75474592.cms">Mukesh Ambani offers Reliance Industries shareholders 1 new share for every 15 held⁠— at a price 14% below market value</a> <a href="https://www.businessinsider.in/business/news/reliance-retails-operating-profit-grows-nearly-20-in-the-latest-fourth-quarter/articleshow/75474722.cms">Reliance Retail’s operating profit grows nearly 20% in the latest fourth quarter⁠⁠</a> <a href="https://www.businessinsider.in/business/news/tech-mahindras-net-profits-see-a-massive-32-drop-even-as-its-digital-business-is-treading-water-amidst-the-covid-19-crisis/articleshow/75472198.cms">Tech Mahindra’s net profits see a massive 32% drop even as its digital business is treading water amidst the COVID-19 crisis</a>

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Not just mobile services, even Reliance petrol pumps will have 'Jio' brand on them

Sriram Iyer

Reliance Jio added fewer subscribers in Q2 but made more money out of them

Prabhjote Gill

Reliance Retail surprises with a sharp growth of 27% despite slowdown

Sanchita Dash

Consumption slowdown? Reliance Retail posts a 62% jump in pre-tax profits

Sanchita Dash

Reliance Industries posts record profit-- retail shines despite a slowdown

Sriram Iyer

Reliance Jio net profit surges 62.5% to Rs 1,350 cr in Dec qtr

PTI

Reliance to hive off $75 billion oil-to-chemicals business into separate unit for sale to Aramco

PTI

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