RIL profit jumps 38.7% at Rs 7,290 cr in Dec quarter

After Anil Ambani-led Reliance Power’s fantastic Q3 numbers, Mukesh Ambani-led Reliance Industries Ltd on Tuesday posted stellar numbers with a jump of 38.7 per cent in its consolidated net profit after taxes at Rs 7,290 crore for the October- December quarter of FY16, as refining margins soared to seven-year high. “The consolidated net profit of the Indian conglomerate stood at Rs 5,256 crore during the same period a year ago,” said Reliance Industries Ltd in a filing to the Bombay Stock Exchange on January 19, 2016. However, RIL’s consolidated total income fell by 26.3 per cent at Rs 70,687 crore during Q3 2015-16, as compared to Rs 95,868 crore during the same period last year. During the quarter under review, the company’s net sales shrink to Rs 68,261 crore, as compared to Rs 93,528 crore during the same quarter last fiscal. RIL earned USD 11.5 on turning every barrel of crude oil into fuel in the third quarter of 2015-16 compared to USD 7.3 per barrel gross refining margin a year ago. Speaking on the performance, RIL, CMD, Mukesh D. Ambani said, “Refining business delivered yet another record performance on the back of seven-year high refining margins and highest ever crude throughput. In the current 9-month period, our refining business EBIT has surpassed the record earnings it achieved in FY15. The petrochemical business also delivered amongst its best quarterly performance, driven by robust polymer margins.” “The benefits of low crude oil and energy prices for our downstream businesses clearly outweigh the impact of these factors on our upstream segment, reflecting in the record earnings for the quarter,” he added. On standalone basis, the company’s net profit jumped to Rs 7,218 crore for the quarter ended December 31, 2015 as compared to Rs 5,085 crore for the quarter ended December 31, 2014. Total income has decreased from Rs 82,598 crore for the quarter ended December 31, 2014 to Rs 58,856 crore for the quarter ended December 31, 2015. Following Q3 earnings, shares of the company closed at Rs 1,043.6 apiece, up 2.51 per cent, from previous close on BSE.