Mumbai: Reliance Industries Ltd (RIL) on Monday reported a 3.6% gain in its quarterly profit led by healthy gross refining margins which offset weaker petrochemicals margins.
Consolidated net profit was at Rs7,506 crore for the three months ended 31 December from Rs7,245 crore a year earlier. Consolidated revenue came in at Rs84,189 crore against Rs72,513 crore a year earlier.
Standalone profit for the December quarter was at Rs8,022 crore.
A Bloomberg survey of 11 analysts expected the standalone net profit to come in at Rs7,842 crore on a revenue of Rs65,752.6 crore for the three months ended 31 December.
Gross refining margin (GRM) or what the company earns from turning every barrel of crude oil into fuel came in at $10.8 per barrel compared to $10.1 in the September quarter.
Analysts had expected RIL’s GRM to be between $10.5 per barrel and $11.5 per barrel. During the quarter, benchmark Singapore complex margins increased by $1.5 per barrel sequentially to $6.7 per barrel.
RIL is the operator of the world’s biggest oil-refinery complex with a refining capacity of 1.24 million barrels of oil per day, at Jamnagar in Gujarat.
Ahead of the earnings RIL shares closed at Rs1,077., down 1.21% on the BSE, while the benchmark Sensex was up 0.18% to close at 27,288.17 points on Monday.