Reliance Q4 net profit rises 8.5%

 Led by better than expected gross refining margins (GRMs) during the quarter, Reliance Industries reported an 8.5 per cent increase in consolidated net profit for the fourth quarter ended March 31, 2015, at Rs 6,381 crore as compared with Rs 5,881 crore in the same quarter of the previous fiscal.

Turnover for the company, however, registered a decline of 33.3 per cent to Rs 70,863 crore compared with Rs 1,06,208 crore in the comparable quarter of the previous fiscal. A sharp year-on-year fall in benchmark oil prices of around 50 per cent was the key factor for the decline in revenues, the company said. GRMs for the quarter stood at $10.1/barrel as compared with $7.3/bbl in Q3 of FY15 and $9.3/bbl in Q4 of FY14.

For the full fiscal, RIL reported a 4.8 per cent increase in net profit at Rs 23,566 crore compared with Rs 22,493 crore in the comparable period. Turnover for the fiscal fell 13 per cent to Rs 3,88,494 crore as against Rs 4,46,339 crore in FY14, the company said.

“In a time when the collapse of crude oil prices unsettled the hydrocarbons markets, our refining business delivered record earnings. The earnings power demonstrated by our hydrocarbon businesses in this environment validates our philosophy of investing in world-scale, cost competitive assets, cutting-edge technology and the talent of people,” RIL chairman and managing director Mukesh D Ambani said.
DH News Service