Mumbai, Jan 18 (IANS) Reliance Industries Ltd (RIL) Friday posted a 24 percent rise in net profit for the third quarter year-on-year at Rs.5,502 crore on higher gross refining margins (GRM) and good results from its petrochemicals segment.
RIL had reported a profit of Rs.4,440 crore on sales of Rs.85,135 crore in the corresponding quarter a year ago.
The company's third quarter net sales were of Rs.93,886 crore, a 10.27 percent over the same quarter of the last fiscal.
Refining is the biggest of RIL businesses, accounting for two-thirds of net sales and 40 percent of the company's operating profit. The company posted an average GRM of $9.6 per barrel for the quarter, compared to $6.8 in the same period last year.
"RIL's performance has improved in this quarter with margin expansion in petrochemicals and record earnings in the refining business. We are investing over Rs. 100,000 crore by expanding our petrochemical capacities and adding value to our refining business," Chairman Mukesh Ambani said, commenting on the results.
"These investments will secure a significant change in RIL's earning capacity on commissioning of these projects. It will also provide employment opportunity for thousands of young Indians and support India's economic growth," Ambani added.
The exports for the third quarter grew by 16.6 percent to Rs.66,915 crore quarter-on-quarter. The cash profit increased 2 percent to Rs.7,938 crore quarter-on-quarter.
RIL shares closed 1.15 per cent higher at Rs.900.20 on the National Stock Exchange.
-- Indo-Asian News Service