Reliance
Industries on Friday reported a 4.4% increase in net profit for
the April-June quarter of this fiscal at Rs 6,222 crore against Rs 5,957 crore
in the April-June quarter of last fiscal. A Bloomberg poll of analysts had
expected RIL to post a 5-6% increase in its first quarter at Rs 6,211
crore. Sales declined to Rs 77,130 crore, down 23%. RIL reported sales at
Rs 104,640 crore during the first quarter of last fiscal.
“Our financial
performance reflects the benefits of integrated hydrocarbon chain activities in
a benign oil price environment. The sharp increase in demand for transportation
fuels helped us realize strong refining margins,” said Mukesh Ambani, Chariman
and Managing Director, RIL.
“Our
petrochemicals business recorded a strong quarterly performance supported by
high operating rates and margin strength in the ethylene chain. In our retail
business, we have reached significant milestones over the past couple of years
and continue the high growth trajectory for this business,” he added.
Gross refining
margins -- earning from turning every barrel of crude oil into fuel --
hit a six-year high of $10.4 per barrel against $8.7/bbl reported in the
first quarter of last fiscal and $10.1/bbl in the quarter ended March 2015.
Analysts had expected the gross refining margins (GRMs) to come in between
$9.3-9.5 per barrel.
Strong gasoline
cracks and discount offerings by Middle East producers could have resulted in
RIL beating analyst’s expectation on the GRM front.
Operating profit
before other income and depreciation increased by 13.2% on a Y-o-Y basis from
Rs 8,989 crore to Rs 10,177 crore with higher contribution from refining and
petrochemicals business.
Earnings per share (EPS) jumped 4.3% to Rs 21.1 from Rs 20.3 on an annual basis.
RIL shares on the BSE closed 1.97% lower on Friday at Rs 1025.05.
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