Reliance Industries posted its highest ever quarterly net profit at Rs.9516 crore, up 17% (YoY) though this was slightly lower than SP Tulsian’s estimate of Rs.9660 crore. But on the other hand, total revenue growth was very robust at Rs. Rs.1,56,291 crore, a jump of over 54%, which is huge! Increase in revenue is primarily on account of higher price realizations of petrochemical and refinery products led by 44.5% increase in Brent crude price. Increased revenues also reflect higher volumes with the commissioning and ramp-up of new petrochemical facilities.
Gross Refining Margin (GRM), making every barrel of crude oil into fuel came in at $9.5/bbl, which was lower than Mr.Tulsian’s estimate of $10.60/bbl. This was also lower than the GRM of $10.5/bbl in Q1.
The company also announced acquiring 66% stake in Den Networks and 51.3% in Hathway Cable.