Reliance Industries ' ( RIL ) second quarter (July-September) net profit grew 2.6 percent quarter-on-quarter to Rs 5,490 crore, supported by strengths in its petrochemical and refining businesses. A CNBC-TV18 poll had estimated that Reliance would report a net profit of Rs 5,400 crore.
Net sales of the company rose 18.4 percent to Rs 1,03,758 crore in the September quarter, compared to Rs 87,645 crore in June quarter.
Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 11 percent quarter-on-quarter to Rs 7,849 crore, while its EBITDA margin declined 50 basis points QoQ to 7.6 percent during the quarter.
Gross refining margin (GRM) stood at 7.7 percent in September quarter as against 8.4 percent in June quarter. Analysts had expected GRM at 7.8 percent.
Earnings before interest and tax (EBIT) of its petrochemical business jump stronger-than-expected 32.6 percent Q-o-Q to Rs 2,504 crore and margin rose by 140 basis points sequentially to 10 percent in the quarter gone by.
Refining EBIT increased 7.55 percent quarter-on-quarter to Rs 3,174 crore during the quarter, which too was higher than analysts' forecast of Rs 2,930 crore, but refining EBIT margin declined to 3 percent from 3.6 percent Q-o-Q.
However, oil & gas EBIT grew marginally to Rs 356 crore from Rs 352 crore Q-o-Q, which was far lower than analysts' expectations of Rs 390 crore.
Other income fell by 18.7 percent Q-o-Q to Rs 2,060 crore in July-September quarter.
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Reliance Q2 net up 2.6% to Rs 5,490 cr, GRMs at $ 7.7/bbl
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Reliance Q2 net up 2.6% to Rs 5,490 cr, GRMs at $ 7.7/bbl
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