Reliance Industries (RIL) results beat estimates, Q3 net profit at Rs. 5,511 crore
Reliance Industries (RIL) posted a higher-than-estimated net profit of Rs. 5,511 crore in its third quarter, helped by stable margins in its main refining business.
Analysts polled by NDTV had expected to RIL to report a net profit of Rs. 5,273 crore in the quarter ended December 2013. It had reported a net profit of Rs. 5,502 crore in the same quarter a year earlier.
RIL’s revenues rose 10.5 per cent to Rs. 1.06 lakh crore during the third quarter, which was higher than expectations of Rs. 1.03 lakh crore.
Average gross refining margin (GRM) was $7.6 per barrel for the quarter. Analysts had expected GRM to average $7.5 a barrel.
Mukesh Ambani, chairman and managing director of Reliance Industries, said, “We are happy to announce the commissioning of our new polyester facility in Silvassa, the first amongst a series of projects that underpin RIL’s competitive position. Our retail business continues on its rapid growth trajectory with 38% revenue growth during the quarter.”
Last month, the government allowed Reliance to charge higher prices for gas from April after the company offered financial guarantees to settle any claims against it over shortfall in its gas output from its Krishna-Godavari basin’s D6 block, off India’s east coast. Since then RIL shares have gained nearly 3.5 per cent. On Friday, RIL shares closed flat at Rs. 884, outperfoming the broader markets which fell close to 1 per cent.