Reliance Industries' Q1 consolidated net profit up 18%, at Rs 7,113 crore
Reliance Industries reported over 18% rise in consolidated net profit for the first quarter (Q1) ended June 30, 2016. The company's consolidated net profit during April-June quarter of fiscal year 2016-17 (FY17) grew to Rs 7,113 crore as against Rs 6,024 crore in the same period of previous fiscal.
Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited said, "We maintained our earnings growth trajectory during this quarter, as the world grappled with new dimensions of economic uncertainty. Though regional refining margins trended downwards, our high-conversion refining system was able to take advantage of higher margins on middle distillates and wider discounts on sour crude oils. Our refining business delivered another record performance and achieved industry leading GRM. Our petrochemicals business has a wide product portfolio, superior feedstock linkages and serves high-growth end-markets in India. As a result, we achieved yet another quarter of margin expansion in petrochemicals business and delivered EBIT growth of more than 20.5% Y-o-Y."
Its total income from operations during Q1 of FY17 declined by 15.17% to Rs 64,990 crore as compared to Rs 76,615 crore in Q1 of FY16.
Reliance Industries' total expenses during the quarter plunged by 18.60% to Rs 56,492 crore as against Rs 69,407 crore in the same quarter of previous fiscal.
The stock of Reliance Industries closed up 0.61% or Rs 6.10 at Rs 1,012.55 on the Bombay Stock Exchange (BSE) on Friday.