Reliance Industries on Monday reported a 3.6 per cent rise in its third quarter net profit after petrochemical margins made good a drop in its core refinery profits. Net profit of Rs 7,506 crore, or Rs 25.4 a share, in October-December, was 3.6 per cent higher than Rs 7,245 crore, or Rs 24.5 per share, in the same period a year back, the company said in a statement.
RIL, the owner of world’s largest refining complex, earned USD 10.8 on turning every barrel of crude oil into fuel as compared to a gross refining margin (GRM) of USD 11.5 in third quarter of 2015-16 fiscal. Turnover was up 16.1 per cent at Rs 84,189 crore.
RIL Chairman and Managing Director Mukesh D Ambani said: “Our robust integrated platform, sound operational processes and business portfolio aligned to the needs of emerging India enabled us to deliver another record performance in challenging market conditions.
“The refining business has delivered eight consecutive quarters of double-digit GRMs, benefiting from the global demand for transportation fuels and improved product cracks.”