<div>Aided by a seven year high gross refining margins, Mukesh Ambani-controlled Reliance Industries reported a 38.7 per cent increase in consolidated net profit for the third quarter at Rs 7,290 crore compared with Rs 5,256 crore in the same quarter previous fiscal.<br /><br />Gross refining margins for the private sector oil and gas major during the quarter stood at $11.5/barrel (bbl) compared with $10.6/bbl in Q2 of FY2016 and $7.3/bbl in Q3 of FY2015. Strong gasoline and naphtha cracks, seasonal rebound in middle distillates cracks, robust demand growth and sourcing of advantageous crude helped boost refining margins, RIL said.<br /><br />For the quarter ended December 31, 2015, the company recorded a 23.9 per cent decline in turnover at Rs 73,341 crore when compared with Rs 96,330 crore in the corresponding period of the previous year. Decline in revenue was led by the 42.7 per cent (YoY) decline in benchmark (Brent) oil price.<br /><br />Refining business <br />“Refining business delivered yet another record performance on the back of seven-year high refining margins and highest ever crude throughput. In the current 9-month period, our refining business EBIT has surpassed the record earnings it achieved in FY2015,” RIL chairman and managing director Mukesh D Ambani said.<br /><br />He said the petrochemical business also delivered amongst its best quarterly performance, driven by robust polymer margins. “The benefits of low crude oil and energy prices for our downstream businesses clearly outweigh the impact of these factors on our upstream segment, reflecting in the record earnings for the quarter,” said Ambani.<br /><br />During the quarter, revenue from the refining and marketing segment decreased by 29.8 per cent (YoY) to Rs 57,385 crore, while EBIT increased 98.7 per cent (YoY) and 18.9 per cent (QoQ) to a record level of Rs 6,491 crore. <br /><br />Revenues from the petrochemicals segment decreased 15.7 per cent (YoY) to Rs 19,398 crore, with product prices reflecting lower crude and feedstock prices. Petrochemicals segment EBIT increased 27.9 per cent (YoY) and 4.3 per cent (QoQ) to Rs 2,639 crore with strong polymer deltas and higher volumes. Petrochemicals EBIT margins were higher at 13.6 per cent.<br /><br />Reliance Retail posted highest ever quarterly turnover of Rs 6,042 crore during the third quarter against Rs 4,686 crore during the same period last year registering a growth of 29 per cent. The business delivered PBDIT of Rs 243 crore during the quarter as against Rs 227 crore in the corresponding period of the previous year, RIL said.<br /><br /></div>
<div>Aided by a seven year high gross refining margins, Mukesh Ambani-controlled Reliance Industries reported a 38.7 per cent increase in consolidated net profit for the third quarter at Rs 7,290 crore compared with Rs 5,256 crore in the same quarter previous fiscal.<br /><br />Gross refining margins for the private sector oil and gas major during the quarter stood at $11.5/barrel (bbl) compared with $10.6/bbl in Q2 of FY2016 and $7.3/bbl in Q3 of FY2015. Strong gasoline and naphtha cracks, seasonal rebound in middle distillates cracks, robust demand growth and sourcing of advantageous crude helped boost refining margins, RIL said.<br /><br />For the quarter ended December 31, 2015, the company recorded a 23.9 per cent decline in turnover at Rs 73,341 crore when compared with Rs 96,330 crore in the corresponding period of the previous year. Decline in revenue was led by the 42.7 per cent (YoY) decline in benchmark (Brent) oil price.<br /><br />Refining business <br />“Refining business delivered yet another record performance on the back of seven-year high refining margins and highest ever crude throughput. In the current 9-month period, our refining business EBIT has surpassed the record earnings it achieved in FY2015,” RIL chairman and managing director Mukesh D Ambani said.<br /><br />He said the petrochemical business also delivered amongst its best quarterly performance, driven by robust polymer margins. “The benefits of low crude oil and energy prices for our downstream businesses clearly outweigh the impact of these factors on our upstream segment, reflecting in the record earnings for the quarter,” said Ambani.<br /><br />During the quarter, revenue from the refining and marketing segment decreased by 29.8 per cent (YoY) to Rs 57,385 crore, while EBIT increased 98.7 per cent (YoY) and 18.9 per cent (QoQ) to a record level of Rs 6,491 crore. <br /><br />Revenues from the petrochemicals segment decreased 15.7 per cent (YoY) to Rs 19,398 crore, with product prices reflecting lower crude and feedstock prices. Petrochemicals segment EBIT increased 27.9 per cent (YoY) and 4.3 per cent (QoQ) to Rs 2,639 crore with strong polymer deltas and higher volumes. Petrochemicals EBIT margins were higher at 13.6 per cent.<br /><br />Reliance Retail posted highest ever quarterly turnover of Rs 6,042 crore during the third quarter against Rs 4,686 crore during the same period last year registering a growth of 29 per cent. The business delivered PBDIT of Rs 243 crore during the quarter as against Rs 227 crore in the corresponding period of the previous year, RIL said.<br /><br /></div>
