Published: Sat, July 22, 2017
Sci-tech | By Jackie Newman

Reliance's refining margins help lift net by 28%

Reliance's refining margins help lift net by 28%

Given the falling crude prices, RIL's gross refining margins are on a tear, with the company clocking an enviable $11.9 per barrel, much above the Singapore's benchmark of $6.4 per barrel during the June quarter.

Similarly in June, Reliance and BP announced that they are moving forward to develop already discovered deepwater gas fields, bringing new gas production for India.

India's most valuable firm by market capitalisation saw revenue surge by 26.7% to Rs. 90,537 crore.

"The operating profit was led by robust performance from petrochemicals business and sustained strength in refining business".

It also said its revenues from refining increased 18.3% to Rs 66,945 crore from Rs 56,568 crore during the year-ago period, while its revenues from petrochemicals business saw a almost 23% rise to Rs 25,461 crore from Rs 20,718 crore. Retail business also witnessed accelerated growth momentum with YoY revenue growth of 74%.

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Besides, Mukesh Ambani today announced the launch of a 4G-enabled feature phone priced at "effective" zero that bundles life-long free voice calls with dirt cheap data in a bid to woo 50 crore low-income users to his 10-month old Jio.

"Over the past 3-4 years, we made significant investments in new plants, thus creating organic growth platforms for our energy and materials businesses", Mr. Ambani, India's richest man, said.

Organised retail contributed Rs. 11,571 crore to revenue and EBIT nearly doubled to Rs. 292 crore. Reliance Industries Limited (RIL) will now acquire a 24.92 per cent stake in the production house for Rs 413.28 crore.

Revenue from the media business fell 8.8% to Rs. 321 crore with a negative EBIT of Rs. 41 crore.

Ahead of the earnings announcement, Reliance Jio Infocomm Ltd, the telecom arm of RIL, announced a rights issue (sale of shares to existing shareholders) to raise Rs 20,000 crore via optionally convertible preferential shares.

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