Mumbai: Reliance Industries Ltd (RIL) on Monday posted a modest 3.6 per cent rise in net profits for the quarter ended December 2016 with the company’s gross refining margins coming below street expectations.
The net profit for the quarter rose to Rs 7,506 crore as compared to Rs 7.245 crore reported during the same period last year. The gross refining margin, the difference between the cost of a barrel of oil and value of all the products made out of it, stood at $10.8 per barrel as against $11.5 per barrel achieved in December 2015.
Most of the analysts expected the company’ to report a GRM of $11.5 per barrel from $10.1 per barrel reported in the previous quarter. “The inventory gain that the market had expected didn’t come in line with expectation. To that extent, RIL’s numbers are slightly disappointing,” said Deven Choksey, MD, K.R. Choksey Securities.
