Mukesh Ambani led Reliance Industries (RIL) reported marginal increase of 0.16% in net profit on year-on-year basis for third quarter of financial year 2014 to Rs 55.11 billion. Analysts on average had expected profit of Rs 53 billion. EBITDA margins came in at 7.36%.
Net sales of the company were at Rs 1,035.21 billion for the quarter ended Dec. 31, 2013, up 10.26% over prior year period.
Other income climbed 32.47% to Rs 23.05 billion for the quarter ended Dec. 31, 2013 as compared to Rs 17.40 billion in the same period last year.
Reliance reported gross refining margin (GRM) of USD 7.6 a barrel during third quarter.
Commenting on the results, Mukesh D Ambani, chairman and managing director, Reliance Industries said, ''Reliance's robust refining configuration enabled it to deliver stable refining profits in Q3 FY14, against the backdrop of declining regional benchmark margins. Even as we invest to further strengthen our energy businesses, this quarter demonstrates the outstanding quality of our refining and petrochemical business resources and their ability to deliver creditable performance in a period marked by cyclicality and uncertainties. We are happy to announce the commissioning of our new polyester facility in Silvassa, the first amongst a series of projects that underpin RIL's industry-leading competitive position. Our retail business continues on its rapid growth trajectory with 38% revenue growth during the quarter.''
Shares of the company declined Rs 0.6, or 0.07%, to settle at Rs 884.55. The total volume of shares traded was 300,986 at the BSE (Friday).