Reliance Industries has reported another blockbuster quarter with the net profit increasing by 18.5% to Rs 7,548 crore ($ 1.1 billion), a new record quarterly profit for the company.
Net profits increased despite a fall in revenues, as EBIT margin expanded by 241 basis points or 2.41 per cent. EBIT is earnings before interest and tax.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said:
"At Reliance, we continued to harness the power of our integrated energy and materials business portfolio. We maintained our earnings growth trajectory during this quarter, as the world grappled with new dimensions of economic uncertainty.
Though regional refining margins trended downwards, our high-conversion refining system was able to take advantage of higher margins on middle distillates and wider discounts on sour crude oils. Our refining business delivered another record performance and achieved industry leading GRM.
Our petrochemicals business has a wide product portfolio, superior feedstock linkages and serves high-growth end-markets in India. As a result, we achieved yet another quarter of margin expansion in petrochemicals business and delivered EBIT growth of more than 20.5% Y-o-Y," the company said in a release.
The shares of Reliance Industries ended at Rs 1012, up 0.61 on the NSE. The stock may open higher for trade on Monday.