Reliance Industries ’ consolidated net profit for the June quarter rose 13.7 percent year-on-year to Rs 5957 crore
Consolidated revenues increased 7.2 percent y-o-y to Rs 1,07,905 crore, the company said in its release. Quarter-on-quarter, net profit was up 1.3 percent and revenues, 1.6 percent. Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “RIL has delivered a record level of consolidated net profit, this quarter. This was achieved despite weak regional refining margins and a planned turnaround in our refinery.
The petrochemicals business performance highlights the strength of our portfolio-mix and end market diversity. Alongside, this robust financial performance, we also made significant progress on our growth commitments.
We have a great pipeline of new projects which will give Reliance an enduring competitive advantage. We are further expanding our retail business in existing markets while exploring newer markets and channels.
At Reliance, social responsibility and care for the environment is an integral part of our economic success.” In its release, RIL said the growth in revenue was driven primarily by higher prices of its products. Exports rose 16.8 percent to Rs 66,600 crore year-on-year.
Cost of raw materials rose 7.2 percent year-on-year, mainly due to an increase in crude prices. Operating profit rose 14.4 percent Y-o-Y, with the company attributing it to higher contribution from its refinery, petrochemicals, and oil & gas business. RIL’s gross refining margin for the quarter stood at USD 8.7/bbl agains USD 8.4/bbl last year and USD 9.3/bbl in the April quarter.
Among other highlights, profit before tax increased 16.8 percent to Rs 7729 crore and cash profit increased by 13.9 percent to Rs 8984 crore. As of June 30, Reliance had cash and cash equivalents of Rs 81559 crore on its books, and outstanding debt of Rs 1.35 lakh crore. The company’s standalone quarterly income rose 10 percent to Rs 96351 crore and net profit by 5.5 percent to Rs 5649 crore.
