Mukesh Ambani led Reliance Industries (RIL) reported an increase of 13.75% in consolidated net profit for first quarter of financial year 2015 to Rs 59.57 billion.
Net sales for the quarter went up 7.32% Rs 1,046.4 billion for the quarter ended Jun. 30, 2014 over prior year period.
Other income declined 17.47% to Rs 19.74 billion for the quarter ended Jun. 30, 2014 as compared to Rs 23.92 billion in the same period last year.
Reliance reported gross refining margin (GRM) of USD 8.7 a barrel during first quarter.
Commenting on the results, Mukesh D Ambani, chairman and managing director, Reliance Industries said, ''RIL has delivered a record level of consolidated net profit, this quarter. This was achieved despite weak regional refining margins and a planned turnaround in our refinery. The petrochemicals business performance highlights the strength of our portfolio-mix and end-market diversity.
Alongside, this robust financial performance, we also made significant progress on our growth commitments. We have a great pipeline of new projects which will give Reliance an enduring competitive advantage. We are further expanding our retail business in existing markets while exploring newer markets and channels. At Reliance, social responsibility and care for the environment is an integral part of our economic success.''
Commenting on the results, HDFC Securities said, ''Weaker GRM (USD 8.7/bbl vs 9.3) and petchem margins led to an EBITDA of Rs 75.3 billion (-10% QoQ) which was below est. However, lower depreciation (Rs 20 billion, -11% owing to an accounting policy change) and interest (Rs 3 billion, -59%, no MTM) resulted in profits above est.''
Shares of the company gained Rs 26.75, or 2.74%, to trade at Rs 1,003.45. The total volume of shares traded was 133,750 at the BSE (9.34 a.m., Monday).