Reliance Industries net up 31%, refining slips
Reliance Industries Ltd (RIL) on Thursday beat Street estimates to record a 31 per cent rise in consolidated net profit for the first quarter ended June 30, riding on the performance of the telecom business along with a one-time gain from a stake sale.
The oil-to-telecom conglomerate posted a net profit of Rs 13,233 crore in a quarter that saw the Covid-19 pandemic affecting its core refining business and organised retail.
The gross refining margin (GRM) of the company proved to be a disappointment. Reliance earned $6.3 per barrel as GRM against $8.1 a year ago and $8.9 per barrel in the preceding quarter.
