Mumbai: Petrochemicals major Reliance Industries on Thursday posted a better-than-expected 10 per cent increase in net profit at Rs 2,709 crore for the second quarter this fiscal.
"I am happy with RIL's performance considering the challenges faced by us due to the volatility both in crude and product prices along with the natural calamity faced by us at our Hazira plant," RIL Chairman Mukesh Ambani told reporters here.
The company also recorded a higher turnover of Rs 29,550 crore, which was 29 per cent up from the year-ago quarter. RIL had reported a net profit of Rs 2,481 crore and a turnover of Rs 22,893 crore in the same quarter last fiscal, a company press release said.
The superior product portfolio has also helped us in de-risking our business to enhance shareholder value, Ambani said.
Net profit for the half-year ended September 30 also jumped 10 per cent at Rs 5,526 crore, while turnover for the period stood at Rs 55,716 crore – a 30 per cent increase.
The operating profit for the quarter ended was Rs 4,587 crore, an increase of 17 per cent from Rs 3,934 crore during the same period last year. The Gross Refinery Margin was 9.1 per cent.
The exports of manufactured products for the quarter under review was up by 142 per cent to Rs 19,413 and half yearly growth was 115 per cent at Rs 32,683 crore, the company said.
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