Energy behemoth Reliance Industries (RIL) reported a 3.6 per cent year-on-year (YoY) rise in consolidated Q3 net profit, benefiting from higher refining and petrochemical margins.
Consolidated net profit in Q3 rose to Rs 7,506 cr from Rs 7,245 cr a year ago. Consolidated revenue rose 16.2 per cent from a year ago to Rs 84,189 cr. Earnings were boosted by a 12 per cent increase in so-called other income, or income that’s generated from avenues other than its main businesses, to Rs 2,736 cr in the December quarter (Q3).
GRM, or what the company earns from turning every barrel of crude oil into fuel, widened to 10.8 dollars per barrel compared to 10.1 dollars in the September quarter. During the quarter (Q3), the benchmark Singapore complex margin increased by 1.5 dollars per barrel sequentially to 6.7 dollars per barrel.
Reliance’s revenue from the refining segment was up at 7.5 per cent at Rs 61,693 cr. The company’s petrochemicals business sprang a surprise. Segment revenue in the petrochemicals business grew 17.8 per cent to Rs 22,584 cr. Earnings before interest and tax or Ebit grew faster at 25.5 per cent. As a result, the petrochemical margin was a better-than-expected 14.4 per cent, up 80 basis points (bps) from a year ago.
The stand-alone oil and gas segment saw revenue decline 8.4 per cent to Rs 1,215 cr. The decline was led by lower production in the domestic blocks. Natural gas production too fell 29 per cent year-on-year to 24.4 billion cubic feet. Meanwhile, Reliance share price was trading in the green zone at Rs 1044.40 on the National Stock Exchange (NSE) on 18th January, 2017.
Reliance Industries is the operator of the world’s largest oil-refinery complex with a refining capacity of 1.24 million barrels of oil per day, situated at Jamnagar in Gujarat.
No comments:
Post a Comment