Reliance Industries Q4 earnings beat street estimates, profit jumps 12% on higher refining margins

For the full 2016-17 fiscal, the company generated its highest ever annual profit at Rs 29,901 crore

FP Staff April 24, 2017 17:42:55 IST
Reliance Industries Q4 earnings beat street estimates, profit jumps 12% on higher refining margins

Reliance Industries' fourth quarter earnings beat street expectations as the country's largest private sector enterprise reported a 12.3 percent rise in its March quarter net profit on the back of higher refining and petrochemical margins.

Reliance Industries Q4 earnings beat street estimates profit jumps 12 on higher refining margins

Reuters

Consolidated net profit in January-March quarter at Rs 8,046 crore, or Rs 27.3 per share, was 12.3 percent higher than Rs 7,167 crore net profit in the same period a year ago, the company said in a statement.

For the full 2016-17 fiscal, the company generated its highest ever annual profit at Rs 29,901 crore. The annual profit was 18.8 per cent higher than the previous year's.

Reliance earned $11.5 on turning every barrel of crude oil into fuel in the fourth quarter as compared to a gross refining margin of $10.8 per barrel in the same period a year before.

RIL overtakes TCS by market value

Reliance Industries Ltd today reclaimed its status as the country's most valued firm by market capitalisation (m-cap) after a gap of four years, replacing IT major TCS from the top position.

At the end of trade today, RIL commanded a market valuation of Rs 4,60,518.80 crore. This was Rs 1,586.43 crore more than TCS' Rs 4,58,932.37 crore m-cap.

Shares of both the companies ended on a positive note but gains were sharper in case of RIL.

The RIL scrip ended the day with a gain of 1.19 per cent at Rs 1,416.40 on BSE. TCS also rose by 0.77 per cent to close at Rs 2,329.10.

(Disclosure: Firstpost is part of Network18 Media & Investment Limited which is owned by Reliance Industries Limited.)

With PTI inputs

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