Reliance Q3 Net Profits At Rs 7290 Crores; Refining Sees Stellar Performance

Business

oi-Sunil

By Sunil Fernandes

Published: Tuesday, January 19, 2016, 17:58 [IST]

Reliance Industries (RIL) has reported a stellar set of numbers for Q3 ending Dec 2015. Net profit of Rs 7,290 crore, in October-December was 38.7 per cent higher than Rs 5,256 crore, or Rs 17.8 a share, in the same period a year ago.

RIL earned USD 11.5 on turning every barrel of crude oil into fuel in the third quarter of 2015-16 compared to USD 4 per barrel gross refining margin a year ago.

"Benefits of low crude oil and energy prices for downstream businesses clearly outweigh the impact of these factors on upstream segment, reflecting in the record earnings for the quarter," said Mukesh Dhirubhai Ambani, Chairman and Managing Director.

Total income from operations, however, dipped 27 per cent to Rs 68,261 crore during the third quarter, from Rs 93,528 crore in the same period year ago, RIL said. Refining, retail and petchem business all showed a good improvement. Margins of the company also improved dramatically with an expansion of 200 basis points, thanks to the refinery business, which saw GRMs at the company improve.

The results were declared after market hours and investors would react to the stock price on Wednesday.

Shares of Reliance Industries closed at Rs 1043 on the National Stock Exchange (NSE).

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