Oil-to-telecom conglomerate Reliance Industries Ltd (RIL) led by India’s richest man Mukesh Ambani on Thursday posted a 9 per cent year-on-year jump in its standalone net profit for the April-June period ( first quarter or Q1) at Rs 8,196 crore, on the back of higher margins from its core petrochemicals business.
During the reporting quarter, RIL had a one time gain of Rs 1,087 crore.
Analysts on average expected the RIL to post a standalone profit of Rs 7,993 crore, according to Thomson Reuters data. The standalone numbers account for the company’s refining, petrochemicals and oil and gas exploration businesses.
On a consolidated basis, RIL posted an over 28 per cent year-on-year jump in its net profit for the April-June period ( first quarter or Q1) at Rs 9,108 crore.
Gross refining margin (GRM) on each barrel of crude processed — a key profitability gauge — was $11.9 in the June quarter, compared with $11.5 a year earlier. GRM is what a refining company earns by converting a barrel of crude oil into refined products.