New Delhi: Reliance Industries Ltd on Tuesday reported its highest-ever quarterly net profit of Rs 7,290 crore for the third quarter on refinery margins spiking to seven-year high.
Net profit of Rs 7,290 crore in October-December was 38.7 per cent higher than Rs 5,256 crore in the same period a year ago, the company said in a statement.
Sales, however, fell 24 per cent to Rs 73,341 crore on benchmark crude oil prices declining 42.7 per cent year-on-year.
The operator of the world’s biggest oil-refinery complex earned $11.5 on turning every barrel of crude oil into fuel during the third quarter of the current fiscal as compared to a gross refining margin of $7.3 per barrel in the year-ago period.
The GRMs in December quarter were at seven-year high and the company’s Jamnagar refineries in Gujarat earn $2.5 per barrel more than Singapore average. Also the refineries had a record throughput, turning 18 million tons of crude oil into fuel.
RIL chairman Mukesh Ambani said: “Our portfolio of refining and petrochemical assets are paying-off. Refining business delivered yet another record performance on the back of seven-year high refining margins and highest ever crude throughput.”
