New Delhi: Reliance Industries on Monday reported nearly 17 per cent rise in net profit in the quarter ended June 30 on back of higher refining margins.
The net profit was up 16.7 per cent at Rs 5,661 crore in April-June quarter this fiscal compared to Rs 4,851 crore in the same period the previous year, Reliance Industries said in a statement.
RIL, which operates the world's largest refining complex at Jamnagar in Gujarat, said it earned $10.3 for turning every barrel of crude oil into petroleum products or fuel as opposed to $7.3 per barrel gross refining margin in Q1 of 2010-11 fiscal.
Turnover was up 37.2 per cent to Rs 83,689 crore while exports jumped 57.5 per cent to Rs 51,737 crore.
Reliance Chairman and Managing Director Mukesh D Ambani said: "The growth in earnings was driven by strong refining margins and sustained performance in the petrochemicals business. Our cash flows give us the unparalleled opportunity to allocate capital to higher-margin resource plays in leading markets around the world."
"We remain committed towards investing in India and have commenced the investment program in the petrochemical business," he added.
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