Reliance Industries' Q3 net rises 3.6% to Rs 7,506 cr on strong global demand for transportation fuels
Net profit of Rs 7,506 crore, or Rs 25.4 a share, in October-December, was 3.6 percent higher than Rs 7,245 crore, or Rs 24.5 per share, in the same period a year back
Mumbai: Reliance Industries on Monday reported a 3.6 percent rise in its third quarter net profit after petrochemical margins made good a drop in its core refinery profits.
Net profit of Rs 7,506 crore, or Rs 25.4 a share, in October-December, was 3.6 percent higher than Rs 7,245 crore, or Rs 24.5 per share, in the same period a year back, the company said in a statement.
RIL, the owner of world's largest refining complex, earned $10.8 on turning every barrel of crude oil into fuel as compared to a gross refining margin (GRM) of $11.5 in third quarter of 2015-16 fiscal.
Turnover was up 16.1 percent at Rs 84,189 crore.
RIL Chairman and Managing Director Mukesh D Ambani said: "Our robust integrated platform, sound operational processes and business portfolio aligned to the needs of emerging India enabled us to deliver another record performance in challenging market conditions.
"The refining business has delivered eight consecutive quarters of double-digit GRMs, benefiting from the global demand for transportation fuels and improved product cracks."
Reliance Industries revenue rose 23.9 percent to Rs 1,01,169 crore in Jul-Sep quarter
Net profit in the first half of the financial year increased 9.4 percent to Rs 10,842 crore.
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Reliance Industries, operator of the world’s largest refining complex, is considering expanding its oil processing capacity by over 40 percent by 2030