Reliance Q3 net profit jumps 24 per cent to Rs5,502 crore

Reliance Industries Ltd (RIL) has reported a net profit of Rs5,502 crore (around $1 billion) for fiscal third quarter ended 31 December 2012 - a 24 per cent increase from the comparable quarter of the previous year and a 1.7 per cent increase over the previous quarter.

RIL, which operates the world's largest refinery complex, at Jamnagar in Gujarat, had reported a net profit of Rs4,440 crore during the year-earlier quarter.

This is the first time the company is posting an increase in quarterly profit in over five consecutive quarters.

RIL also saw refining margins rise to $9.6 per barrel for the quarter, compared to $6.8 in the same period last year. Gross refining quarterly EBDT stood at Rs3,615 crore. 

Revenue for the December 2012 quarter stood at Rs96,307 crore ($17.5 billion), an increase of over 10 per cent over revenues the comparable quarter of the previous year and a 3.3 per cent increase from the previous quarter.

The company's net debt stood at Rs72,266 crore at the end of Q3, up from Rs68,259 crore at the beginning of the fiscal.