During the quarter, the company reported a net profit of Rs 6,243 crore
Shares of Reliance Infrastructure plunged 8.66 per cent to Rs 419.25 and that of Tata Power Company fell by 2.44 per cent to Rs 80 at the BSE. (Photo: AFP)
MUMBAI: Reliance Industries Ltd (RIL) posted a 22.8 per cent rise in its standalone net profit for the quarter ended March 2015 led by strong performance in its refining business. During the quarter, the company reported a net profit of Rs 6,243 crore as compared to Rs 5,085 crore reported during the quarter ended December 2014. However, the sharp fall in the prices of crude oil saw its sales revenue drop to Rs 56,043 crore, down 30.11 per cent from Rs 80,196 crore during the previous quarter.
“When the collapse of crude oil prices unsettled the hydrocarbons markets, our refining business delivered record earnings,” said Mukesh Ambani, CMD, RIL. He added that the company has made highest ever-capital investment into hydrocarbon and its next generation digital services initiative. It’s gross refining margin, the difference between the cost of a barrel of oil and the value of all the products made out of it stood at $10.1 per barrel as against $7.3 per barrel reported during the previous quarter.
( Source : dc correspondent )
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