Mumbai: Mukesh Ambani-led private sector behemoth Reliance Industries posted a 12.5 per cent increase in consolidated net profit at Rs 6,720 crore compared with Rs 5,972 crore in the same quarter of the previous fiscal.

Turnover for the company, however, declined 33.8 per cent to Rs 75,117 crore as against Rs 1,13,396 crore in the comparable period.

Decline in revenues was led by the 50.6 per cent (YoY) decline in  benchmark (brent) oil price, RIL said.

Gross refining margins for the company during the quarter stood at $10.6/barrel as against $10.4/bbl in the first quarter of the current fiscal and $8.3/bbl in the same quarter previous fiscal.

“We achieved record levels of EBITDA and profits for the quarter, underscoring our ability to optimally utilise our assets across the value chain to leverage favourable market conditions.”

“Refining business performance was notable, as it benefited from a combination of high utilisation levels, advantageous crude market opportunities and strong global fuels demand. Petrochemicals segment performance reflects strong volume growth, product mix improvement and lower energy costs,” RIL chairman and managing director Mukesh D Ambani said.

During the quarter, revenues from the refining and marketing segment decreased by 41.3 per cent (YoY) to Rs 60,768 crore ($9.3 billion) as against Rs 1,03,590 crore a year ago, while EBIT increased by 42.1 per cent (YoY) to a record-level of Rs 5,461 crore when compared with Rs 3,844 crore a year ago.

Revenues from the petrochemical segment during the quarter decreased 20.3 per cent to Rs 21,239 crore as against Rs 26,651 crore a year ago, with product prices reflecting lower crude and feedstock prices.

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