New Delhi, July 16 (ANI
): Petrochemical major Reliance Industries posted first quarter earnings expectations on Friday with the highest ever standalone profit at Rs. 7,548 crore, growing 4.4 percent compared with preceding period.
The company's revenue on standalone basis increased seven percent to Rs. 53,496 crore during the quarter from Rs. 49,957 crore in the preceding period, aided by refining business.
"We maintained earnings growth trajectory in Q1. We continued to harness the power of our integrated energy and materials business portfolio," said Chairman and Managing Director Reliance Industries
, Mukesh Dhirubhai Ambani
The refining business delivered another record performance and achieved industry leading gross refining margin. Gross refining margin surged to USD 11.50 a barrel for the quarter ended June 2016 from USD 10.8 a barrel in March quarter.
However, the profit was estimated at Rs. 6,500 crore and gross refining margin at USD 9.8 a barrel for the quarter, according to average of estimates of analysts polled by CNBC-TV18.
The company said the benchmark Singapore complex margin averaged USD five a barrel in Q1FY17, declined compared to USD 7.7 a barrel in Q4FY16 on the back of weak light distillate cracks and sharp decline in fuel oil cracks.
However, middle distillate cracks remained firm with recovery in gasoil cracks. Operating profit (earnings before interest, tax, depreciation and amortization) rose by one percent quarter-on-quarter to Rs. 10,817 crore in Q1.
Refining income increased 21.4 percent sequentially to Rs. 48,946 crore with its earnings before interest and tax ( EBIT
) showing 3.4 percent growth but margin declined 240 basis points. Revenue from its petrochemical business came in at Rs. 19,409 crore for the April-June quarter against Rs. 19,548 crore in January-March period.
Reliance's consolidated net profit increased 2.4 percent sequentially to Rs. 7,089 crore and revenue grew by 8.9 percent to Rs. 64,990 crore in the quarter gone by. Outstanding debt stood at Rs. 1,86,692 crore as of June compared to Rs. 180,388 crore as of March 2016, Reliance said, adding cash and cash equivalents were at Rs. 90,812 crore compared to Rs. 89,966 crore in same period. (ANI