RIL's net profit up 38% at record Rs 7,290 cr in Q3

Mukesh Ambani led Reliance Industries Ltd (RIL) on Tuesday posted record net profit in the December quarter at Rs 7,290 crore up by 38.7 per cent year-on-year.

Beating estimates the company's margins were boosted by strong margins, highest in seven years, in its core refining business. The company's net profit in the corresponding period a year ago stood at Rs 5,256 crore.

RIL earned $11.5 on turning every barrel of crude oil into fuel in the third quarter of 2015-16 compared to $4 per barrel gross refining margin a year ago.    

The consolidated revenue of the oil-to-telecoms conglomerate however stood at Rs 68,261 crore, down 27 per cent year-on-year from Rs 93,528 crore in the same period year ago.