RIL net beats expectations, rises 1.7% on high margins
Q2 SCORECARD
MUMBAI: India’s biggest private company by sales, Reliance Industries Ltd, on Monday posted a 1.7% year-on-year rise in its second quarter net profit, beating market expectations on the back of improved refining margins despite softening crude oil prices.
Mukesh Ambani-led RIL, which operates the world’s biggest refinery complex in a single location, said its consolidated net profit stood at ₹5,972 crore, against ₹5,873 crore last year. This was much better than brokerages’ estimates of ₹5,634 crore.
Sales, however, fell 4.3% to ₹113,396 crore due to low crude prices and volumes.
“The refining and petrochemical
crore, or per share: Reliance Industries’ net profit during July-september against ₹5,873 crore a year ago businesses once again delivered robust results outperforming regional industry benchmarks,” chairman Mukesh Ambani said in a statement.
RIL’S gross refining margin — the main indicator of the profitability of a refinery — stood at $8.3 a barrel against $7.7 a year ago.
The refining operations and the oil and gas divisions have been closely watched ever since the company failed to stop the fall ing domestic oil and gas output in the Krishna-godavari basin.
During July-september, RIL’S Jamnagar refineries processed 17.3 million metric tonnes of crude at an average utilisation rate of 112%