RIL Q1 profit zooms 28% on 9-year-high refining margin

Reliance Industries reports net profit of Rs 9,079 crore in June quarter Mukesh Ambani says Jio has revolutionised telecom sector

India's Reliance sees profits jump 28 percent

Gross refining margin, or profit earned on each barrel of crude processed - a key profitability gauge for a refiner, was at a nine-year high of $11.9 per barrel for the quarter, outperforming the benchmark Singapore complex margins by $5.5 per barrel.

Exceptional items during the quarter ended June 30 included Rs. 1,087 crore as profit from sale of RIL's stake in Gulf Africa Petroleum Corporation (GAPCO). Additionally, he also said that market capitalization has multiplied from ten crores to over five lakh crores.

"Our industry leading portfolio of assets in the refining and petrochemicals business contributed to considerable improvement in our earnings for the quarter", said Mukesh Ambani, CMD, RIL.

Revenue grew 26.7 per cent to Rs 90,537 crore primarily on account of increase in prices and volumes of refining and petrochemical products, partially offset by lower prices and volumes from oil and gas exploration and production business.

"The operating profit was led by robust performance from petrochemicals business and sustained strength in refining business".

"The listing is a significant wealth creation opportunity for retail investors and will enable them to participate in this high growth and profitable journey", Jain also said. "Full commissioning of new PX facility at Jamnagar during the quarter will strengthen the integration within our polyester chain", added Ambani. "Ramp-up of ethane import project has helped in diversifying feedstock sources and mitigating risks for our existing crackers at Dahej and Hazira". Segment Ebit came in negative at Rs 231 crore.

Reliance Industries Limited on Thursday announced that it was picking up 24.9% stake worth Rs 413 crore in production house Balaji Telefilms.

Shares of the company declined Rs 4.8, or 0.31%, to settle at Rs 1,528.70.

Meanwhile, RIL's telecom venture Reliance Jio announced a rights issue to raise Rs 20,000 crore through optionally convertible preferential shares.

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