Mumbai, Jan 16 (IANS) Reliance Industries on Monday reported a rise of 10 per cent in its standalone net profit for the quarter ended December 31, 2016, thanks to a robust refinery performance.
The company's third quarter standalone net profit increased to Rs 8,022 crore ($1.2 billion).
The healthy quarterly performance was due to the company's gross refining margin -- the difference between the crude oil price and the value of petroleum products coming out of a refinery -- of $10.8 per barrel which was well above market expectations.
"Our robust integrated platform, sound operational processes and business portfolio aligned to the needs of emerging India enabled us to deliver another record performance in challenging market conditions," Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said in a statement after the release of the latest numbers.
"The refining business has delivered eight consecutive quarters of double-digit GRMs, benefiting from the global demand for transportation fuels and improved product cracks."
"We successfully commissioned the first phase of Paraxylene plant during the quarter, further deepening the linkage between our refining and petrochemicals operations," the statement added.
"Our growth strategy focuses on creating sustainable returns for our shareholders through value-enhancing, high-return projects."
The company's Q3 standalone revenue increased by nine per cent to Rs 66,606 crore or $9.8 billion.
On a consolidated basis, Reliance Industries achieved a turnover of Rs 84,189 crore or $12.4 billion -- an increase of 16.1 per cent over the corresponding period of the previous year.
The company's consolidated net profit of Rs 7,506 crore ($1.1 billion) for the quarter ended December 31, 2016 was higher by 3.6 per cent over the like quarter of last financial year.
The results were announced after the close of Indian equity markets. The company's shares, though, ended the day at Rs 1,077 -- down Rs 13.15, or 1.21 per cent.
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