RIL posts record Rs 6,720 crore net in Q2 on high refining margins

Energy-to-retail giant Reliance Industries' second quarter (Q2FY16) consolidated profit rose 12.5% to a record $1 billion (Rs 6,720 crore), boosted by a record high refining margins. The company's refineries earned $10.6 per barrel of crude processed, the highest in seven years, as against $8.3 a year earlier. RIL's gross profit increased 6.4% to a record $1.9 billion (Rs 12,636 crore), a company release said Stock Market Trading Tips

RIL's Q2FY16 revenues declined 33.8% to $11.5 billion (Rs 75,117 crore) as the benchmark (Brent crude) oil prices declined by half in the last one year. The refining and marketing business, which accounts for the chunk of RIL's revenues, decreased 41.3% to $9.3 billion (Rs 60,768 crore), but gross profit from this segment increased 42% to a record $ 800 million (Rs 5,461crore). Petrochemicals, the second biggest contributor to revenues, declined 20% to $3.2 billion (Rs 21,239 crore) in the second quarter through September from a year earlier while revenue from retail increased 22.2% to Rs 5,091crore, also a milestone for the company. Its revenue from oil & gas business declined 31% to Rs 2,067 crore. Lower oil prices and decline in gas production from KG-D6 block impacted the revenues of its domestic exploration and production business by 15.5% Indian stock market astrology prediction

"Refining business performance was notable as it benefited from a combination of high utilization levels, advantageous crude market opportunities and strong global fuels demand," said Mukesh Ambani, CMD, RIL. "Petrochemicals segment performance reflects strong volume growth, product mix improvement and lower energy costs." 

The billionaire also said that Reliance Retail achieved a Rs 5,000-crore quarterly turnover mark for the first time, reflecting continuing growth momentum in physical retailing. Retail's gross profit during Q2FY16 increased from Rs 186 crore to Rs 210 crore, the release said. RIL's employee costs increased 13.4% to Rs 1,786 crore due to increased staff base in its subsidiaries Commodity Market Astrology Tips