Zee Media Bureau
New Delhi: Beating estimates, Reliance Industries Limited on Tuesday reported a 38 percent net profit to a record Rs 7,290 crore for the third quarter ended December 31, 2015 on the back of seven-year high of its refining margin.
Net profit of Rs 7,290 crore, or Rs 24.8 per share, in October-December was 38.7 percent higher than Rs 5,256 crore, or Rs 17.8 a share, in the same period a year ago, the company said in a statement.
The company had reported a net profit of Rs 5,085 crore in the same period for the fiscal year 2014-15.
RIL earned USD 11.5 on turning every barrel of crude oil into fuel in the third quarter of 2015-16 compared to USD 4 per barrel gross refining margin a year ago.
Total income from operations, however, dipped 27 percent to Rs 68,261 crore during the third quarter, from Rs 93,528 crore in the same period year ago, the company said.
In the second quarter ended 30 September 2015-16, the Mukesh Ambani led company had posted a 12.52 percent increase in consolidated net profit at Rs 6,720 crore.
Reliance said its gross refining margin, or profit earned on each barrel of crude processed - a key profitability gauge for a refiner - was $11.5 per barrel for the quarter, its highest in seven years.
With Agency Inputs