RIL Q1 net profit rises nearly 12% to hit a 6-year high of Rs6,318 cr
24 July 2015
Reliance Industries Ltd (RIL) has reported an 11.8-per cent increase in its standalone net (after-tax) profit for the April-June 2015-16, the highest in over six years, on the back of a strong growth in margins at its core refining and petrochemicals businesses.
Standalone revenue, however, declined by 28.1 per cent to Rs71,412 crore ($11.2 billion) on the back of a 44.9 per cent decline in exports to Rs36,717 crore ($5.8 billion)
Mukesh Ambani-led RIL had reported a net profit of Rs5,649 crore for the April-June quarter of the previous fiscal.
Reliance Industries said its consolidated net profit grew slower at 4.4 per cent in the first-quarter to Rs6,222 crore. Consolidated revenue for the quarter was down 23 per cent at Rs83,064 crore ($13.1 billion).
Profit before tax (PBDT) for the quarter rose 9.8 per cent to Rs12,095 crore ($ 1.9 billion). Quarterly consolidated segment earnings before interest and taxes (EBIT) rose 15.2 per cent to Rs7,967 crore ($1.3 billion).
RIL saw its refining segment EBIT vault 37.7 per cent to touch Rs5,252 crore ($0.8 billion) during the April-June 2015-16 quarter.
Reliance said its gross refining margin, or the profit it makes from each barrel of crude oil refined, rose to a six-year high of $10.40 in the June quarter, compared with $8.7 in the same period a year earlier.
Reliance, which still earns most of its profits from its core refining and petrochemicals businesses, has been investing heavily to in businesses such as retail and telecoms to diversify business.
Reliance's telecom venture, Reliance Jio, is expected to be ready for launch of 4G phone services in December.