RIL beats estimate, net profit rises 19% in Q1

Reliance Industries reported a 19 per cent jump in its April-June quarter net profit at Rs 5,352 crore on back of higher refining margins.

Net profit in the first quarter of 2013-14 at Rs 5,352 crore was 18.9 per cent higher than profit of Rs 4,503 crore in the same period a year ago, RIL said in a statement.

RIL earned $8.4 on turning every barrel of crude oil into fuel in the quarter as compared to $7.6 per barrel gross refining margin in the year-ago period.

Revenue fell 4.6 per cent to Rs 90,589 crore on back of lower output from RIL's flagship KG-D6 gas fields. KG-D6 gas production fell 53 per cent to 49.2 billion cubic feet in the first quarter.

RIL was expected to post net profit of Rs 5,270 crore, according to a Thomson Reuters poll of analysts.

Chairman and Managing Director Mukesh Ambani said, "Our performance this quarter reflects higher operating rates and embedded options in crude sourcing and product placement, given the size and scale of the refining business. Robust growth in petrochemical products demand augurs well for our biggest ever expansion programme. Retail business continues to make remarkable progress and registered a 53 per cent growth in revenues during the first quarter."