Reliance Industries surprised analysts and the markets with a sharp increase in net profits for the quarter ending Sept 20, 2015 at Rs 6720 crores.
Analysts on an average were expecting net profits at around Rs 6000 crores. The sharp increase in net profits was largely on the back of superb refining margins with the GRM (Gross Refining Margins) coming in at $10.60.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: "We achieved record levels of EBITDA and profits for the quarter, underscoring our ability to optimally utilize our assets across the value chain to leverage favorable
Refining business performance was notable, as it benefited from a combination of high utilization levels, advantageous crude market opportunities and strong global fuels demand. Petrochemicals segment performance reflects strong volume growth, product improvement and lower energy costs,"
The share price of Reliance may result positively to results on Monday.