Reliance Industries' Q1 consolidated net profit up 18%, at Rs 7,113 crore
Reliance Industries reported over 18% rise in consolidated net profit for the first quarter (Q1) ended June 30, 2016. The company's consolidated net profit during April-June quarter of fiscal year 2016-17 (FY17) grew to Rs 7,113 crore as against Rs 6,024 crore in the same period of previous fiscal.
Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited said, "We maintained our earnings growth trajectory during this quarter, as the world grappled with new dimensions of economic uncertainty. Though regional refining margins trended downwards, our high-conversion refining system was able to take advantage of higher margins on middle distillates and wider discounts on sour crude oils. Our refining business delivered another record performance and achieved industry leading GRM. Our petrochemicals business has a wide product portfolio, superior feedstock linkages and serves high-growth end-markets in India. As a result, we achieved yet another quarter of margin expansion in petrochemicals business and delivered EBIT growth of more than 20.5% Y-o-Y."
Its total income from operations during Q1 of FY17 declined by 15.17% to Rs 64,990 crore as compared to Rs 76,615 crore in Q1 of FY16.
Reliance Industries' total expenses during the quarter plunged by 18.60% to Rs 56,492 crore as against Rs 69,407 crore in the same quarter of previous fiscal.
The stock of Reliance Industries closed up 0.61% or Rs 6.10 at Rs 1,012.55 on the Bombay Stock Exchange (BSE) on Friday.
See LIVE stock updates of Reliance Industries here
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
Power of Compounding: How many years it will take to reach Rs 2 crore corpus if your monthly SIP is Rs 3,000, Rs 4,000, or Rs 5,000
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
05:40 PM IST