RIL Q1 net dips 21 pc on weak petrochem margins
RIL's refining business, which is the largest revenue and profit generating segment, saw its margins erode.
Mumbai: The net profit for the June quarter of Reliance Industries (RIL) fell 21 per cent to Rs 4470 crore on dwindling margins in all its business segments - refining, petrochemicals and oil & gas production.
However, as has been the case in the last couple of quarters, the company's profit received some support from other income, which is largely derived from treasury operations utilising the excess cash on its books.
Sales, however rose to Rs 91,875 crore due to higher petrochemical volumes when compared with Rs 83,869 crore, YoY.
The gross refining margins (GRMS) have or the difference between the cost of crude and the price of refined products was around $7.6/bbl versus $10.3/bbl, YoY.
Meanwhile, RIL shares closed the day at Rs 722.65, down 0.70 per cent before the earnings announcement.