Tuesday , January 31 2023

RIL net profit increases by 0.8%, refinancing margin drops to $ 8.8 per barrel



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Reliance Industries Ltd.'s profit rose for the sixteenth quarter, although relatively lower crude oil prices kept the lower refining margin.

Mukesh Ambani's individual profit rose 0.8% over the past three months, reaching 8,928 crore in the quarter ended in December. That compares to the BloombergQuint estimate of Rs 8,665 crore.

  • Net revenue increased by 4.1% to Rs 1 lakh crore a quarter.
  • Operating profit declined 2.6% to Rs 14,507 crore.
  • The operating margin contracted 100 basis points, reaching 14.5%.
  • Gross margin of refining decreased to $ 8.8 / barrel from $ 9.5 earlier, down for the fifth quarter.

Oil companies are expected to have a weaker quarter due to "large loss of accident inventory," according to Kotak Institutional Equities. But Reliance Industries has been able to compensate for the fact that due to operational coverage operations, weaker rupees, reversal of foreign currency losses and other higher incomes.

Ambani's flagship company had another accelerated quarter due to the weakening of the refining margin and the drop in oil prices worldwide. However, its first reference value for Singapore GRM (gross refining margin) was $ 4.5 per barrel, as in the previous quarter, it closed a key catalytic cracking unit in August.

"In an oil price environment that experienced increased volatility in the second quarter, RIL has delivered strong quarterly results on a consolidated basis," Ambani, chairman and general manager, said in a statement in the press. "Competitive cost positions and the benefits of integration are essential to our petroleum and chemical business, leading sustained performance even in the difficult global business environment."

While autonomous performance was better than expected, it still means a slight slowdown in Reliance Industries' oil and gas business. This weakness was, however, offset by the strong performance of its petrochemical unit and its Reliance Jio Infocomm Ltd. telecommunication unit, which posted a profit increase, despite a decrease in average revenue per user.

RIL shares ended almost unchanged prior to the earnings announcement, compared with a 0.15% increase in the benchmark Sensex.

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