RIL posts 43 per cent rise Q2 net profit

Reliance Industries Ltd (RIL) on Thursday reported a consolidated net profit of Rs 7,206 crore for the quarter ended September 2016 amidst strong growth in its refining and petro-chemical business.

During the same period last year, the company had posted a net profit of Rs 9,345 crore. However, if we exclude the exceptional item of Rs 4,310 crore reported in Q2FY16, the net profit during the July-September period grew by 43.1 per cent.

“The company has achieved outstanding second quarter results with strong refining business performance and record petrochemicals segment earnings. Refining business sustained high profitability in a tough environment highlighting our exceptional refining assets, dynamic response to market trends and robust operations. Petrochemicals segment gained significantly from higher volumes, integration and supportive product margins,” said Mukesh Ambani, chairman, RIL.

The company’s gross refining margin, the difference between the cost of a barrel of oil and value of all the products made out of it stood at $ 10.1 per barrel as against $11.5 per barrel achieved in June 2016 and $10.6 per barrel reported in September.

He added that projects in the hydrocarbon chain are at advanced stages.