Reliance Industries reports Rs 6,222 crore net profit in Q1, GRMs at 6-year high of $10.40 bbl

Reliance Industries Ltd (RIL) on Friday posted a net profit (consolidated) of Rs 6,222 crore for the quarter ending June 2015. The company reported net profit of Rs 6,381 crore in Q4 of last fiscal and Rs 5,957 crore for the quarter ending June 2014. On a standalone basis, the firm posted a 11.8 per cent rise in its net profit helped by strong growth in margins at its core refining and petrochemicals businesses.

Reliance said net profit rose to Rs 6,318 crore on a standalone basis in its fiscal first quarter to June 30, from Rs 5,649 crore a year earlier.

Analysts on average were expecting the company, which runs the world's largest refinery complex, to report a net profit of Rs 6,308 crore, according to Thomson Reuters data.

Total income from operations stood at Rs 77,130 crore in the reporting quarter against Rs 1,04,640 crore in the corresponding quarter of last fiscal. Its gross refining margins (GRMs) rose to a six-year high of $10.40 bbl, beating market expectations. Gross refining margins (GRM) is the difference between total value of petroleum products and price of crude.

The stock closed 1.97 per cent or 20 points lower on the BSE Sensex. The earnings were announced after market hours.

 (With inputs from Reuters)