The decision is, however, subject to Balaji Telefilms shareholders' and other approvals.
The country's biggest company by market value saw its consolidated revenue shoot up 27 per cent at Rs 90,537 crore compared to Rs 71,451 crore a year before, but on a sequential basis, revenue saw a fall of 2.5 per cent.
"Our industry leading portfolio of assets in the refining and petrochemicals business contributed to considerable improvement in our earnings for the quarter", said Mukesh Ambani, CMD, RIL in a statement.
Reliance said during the April-June quarter, gross refining margin (GRM) -ear nings from each barrel of crude processed at its refinery -was at $11.9 per barrel, which was at a nine-year-high level.GRM is one of the most important profitability measures for a refiner. The net profit (excluding exceptional items) increased by 12.8 per cent to Rs 8,021 crore.
RIL said in a release, "RIL is engaged in the telecom, digital and media businesses". During the quarter, RIL's capex stood at Rs 25,192 crore, in ongoing projects including petrochemicals and refining business at Jamnagar and digital services business. Segment Ebit came in negative at Rs 231 crore.
In a separate regulatory filing, RIL said the company proposes to buy 2.52 crore equity shares of Balaji Telefilms Ltd. (BTL), constituting 24.92% of the post issue paid up capital of BTL, through subscription to a preference issue of equity shares for Rs. 413.28 crore in cash (Rs. 164 per equity share).
"We have recorded yet another strong quarterly performance with net profit of Rs. 9,108 crore, up 28 percent Y-o-Y". RIL has invested Rs1.79 trillion in Jio so far and forecast the investment to increase to Rs2.5 trillion by fiscal 2020. RIL will hold its annual general meeting on Friday.
At 3.30 p.m., the wider Nifty of the National Stock Exchange (NSE) rose by 41.95 points, or 0.42 per cent, to provisionally close at 9,915.25 points. The benchmark Sensex closed flat at 31,904.40 points.