Mumbai, Oct 13 (IANS) Mukesh Ambani-led Reliance Industries (RIL) Monday posted a 1.7 percent rise in net profit for the second quarter ended September on the back of a surge in refining margins.
The company recorded a net profit of Rs.5,972 crore for the quarter in question, as against Rs.5,873 crore in the same period last fiscal, RIL said in a statement here.
RIL's gross refining margin (GRM) for the quarter was at $8.3 per barrel of crude oil as compared to $7.7 a barrel GRM for the same period a year ago.
Company turnover fell 4.3 percent to Rs.113,396 crore, caused by lower crude oil prices and volumes.
While petrochemical earnings remained almost static at Rs.2,361 crore, pre-tax profit from the oil and gas business dropped 14.4 percent to Rs.818 crore owing toa fall in production.
Pre-tax profit from the refinery business rose 18.5 percent to Rs.3,844 crore.
Revenues, however, fell 5.9 percent to Rs.103,590 crore due to sustained slump in international oil prices since June as well as lower processing.
Commenting on the results, Ambani said: "We expect to create significant value for our stakeholders over the next 12-18 months as we complete our large investment programme across energy and consumer businesses. These projects will propel the next phase of growth for India and Reliance."