Chairman and MD  Mukesh D Ambani
Chairman and MD Mukesh D Ambani

RIL earned $8.3 for turning every barrel of crude oil into fuel in Q2 as compared to $7.7 a barrel gross refining margin a year ago

New Delhi : Reliance Industries Ltd posted a better-than-expected 1.7 per cent rise in second quarter net profit, helped by strong growth in refining margins which neutralised slump in oil and gas earnings. Net profit in July-September at Rs 5,972 crore, or Rs 20.3 per share, was 1.7 per cent higher than Rs 5,873 crore, or Rs 20 a share earning in the same period last fiscal, the company said.

RIL, the operator of world’s biggest oil-refinery complex, earned USD 8.3 for turning every barrel of crude oil into fuel in Q2 as compared to USD 7.7 a barrel gross refining margin a year ago. The GRM, however, was lower than USD 8.7 per barrel in the previous April-June quarter.  Turnover dropped 4.3 per cent to Rs 113,396 crore due to lower crude oil prices and volumes mainly in the refining and oil and gas business. Exports too dipped 14.7 per cent to Rs 66,065 crore (USD 10.7 billion) as against Rs 77,428 crore in the same period last year.

While petrochemical earnings were almost unchanged at Rs 2,361 crore, pre-tax profit from oil and gas business dropped 14.4 per cent to Rs 818 crore due to drop in production.    RIL Chairman and Managing Director Mukesh D Ambani said refining and petrochemical businesses delivered robust results, outperforming regional industry benchmarks. “We expect to create significant value for our stakeholders over the next 12-18 months as we complete our large investment programme across energy and consumer businesses. These projects will propel the next phase of growth for India and Reliance,” he said.