RIL Q1 profit zooms 28% on 9-year-high refining margin

Ken Copeland
July 22, 2017

Revenues from operations for the company on a standalone basis during the quarter rose 18.39%, to Rs 70,434 crore, against Rs 59,493 crore in the comparable period of the previous fiscal. Compared to Reliance's GRM, the same number for refiners in Singapore was at $5.5 per barrel. It also said its revenues from refining increased 18.3% to Rs 66,945 crore from Rs 56,568 crore during the year-ago period, while its revenues from petrochemicals business saw a almost 23% rise to Rs 25,461 crore from Rs 20,718 crore.

Gross refining margins recorded nine-year-high of Dollars 11.9/bbl whereas petrochemicals EBIT margin were at all-time high of 15.8%. Analysts had expected a decline in the gross refining margin for the quarter, on the the back of a sharp decline in crude/product prices. "This was partially offset by losses in oil and gas business due to lower volumes and weak domestic price environment", RIL said.

Refining business contributed Rs. 66,945 crore of revenue while petrochemicals accounted for Rs. 25,461 crore.

Revenue from the media business fell 8.8% to Rs. 321 crore with a negative EBIT of Rs. 41 crore. Profit before depreciation, interest and tax came in at Rs 398 crore against Rs 240 crore in the corresponding period of previous year, a growth of 65.8%.

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RIL had on 27 June sought shareholders' approval to raise as much as Rs25,000 crore through a private placement of non-convertible debt instruments.

Boosted by higher margins from the petrochemicals business, energy-totelecom major Reliance Industries (RIL) on Thursday said its consolidated net profit for the quarter ended June 2017 (Q1FY18) was Rs 9,108 crore, up 28% from Rs 7,113 crore a year earlier. The board of both the companies approved the transaction at their respective meetings held today.

The scrip of Reliance Industries (RIL) went up by 3.76 per cent to close at Rs 1,586.20 on BSE. The benchmark Sensex closed flat at 31,904.40 points.

Other reports by Guamnewswatch

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