Mumbai, July 20 (IANS) Mukesh Ambani-led Reliance Industries Ltd (RIL) on Thursday posted a healthy 9 per cent rise in its standalone net profit for the first quarter ended June at Rs 8,196 crore on the back of higher margins from its petrochemicals business and a one-time gain.
The company had registered a standalone net profit of Rs 7,548 crore during the April-June quarter a year ago. The standalone figure reflects the performance of the company’s refining, petrochemicals and hydrocarbons exploration businesses.
“Strong refining and petrochemicals margin environment contributed to higher operating profits for the quarter,” an RIL release here said.
Gross refining margin (GRM), derived from conversion of a barrel of crude oil to refined products, was $11.9 in quarter under consideration, compared to $11.5 in the same period a year ago.
Operating profit before other income and depreciation in the first quarter at Rs 12,554 crore increased by 11.9 per cent, from Rs` 11,223 crore in the same quarter of last year.
“Operating profit was led by robust performance from petrochemicals business and sustained strength in refining business,” RIL said.
“Gross refining margins recorded nine-year-high of $11.9 per barrel, whereas petrochemicals EBIT (earning before interest and tax) margins were at all-time high of 15.8 per cent,” it added.
On a consolidated basis, the company recorded over a 28 per cent jump in its net profit for the quarter in question at Rs 9,108 crore, compared to the Rs 7,113 crore earned in the same period a year ago.
“Industry leading portfolio of assets in the refining and petrochemicals business contributed to considerable improvement in earnings for the quarter,” RIL Chairman and Managing Director Mukesh Ambani said.
During the quarter, RIL had a one-time gain of Rs 1,087 crore crore on the sale of stake in Gulf Africa Petro.
With the results being declared after markets closed on Thursday, the RIL stock closed trade at Rs 1,528.70 a share, down Rs 4.80, or 0.31 per cent, on its previous close on the BSE.
Post Source: Ians feed