RIL Q1 standalone net up 9% at Rs 8,196 cr on petchem gains
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.
--IANS
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