Reliance Industries (RIL) disclosed a good increase in consolidated net profit for the quarter ended March 2017. During the quarter, the profit of the company gained 12.3% to Rs 80.46 billion from Rs 71.67 billion in the same quarter previous year.

Revenues for the quarter rose 45.2% to Rs 928.89 billion, compared with Rs 639.54 billion for the prior year period.

The company's gross refining margins (GRMs) for the quarter were at USD 11.5 per barrel, against USD 10.8 per barrel reported in the December quarter.

Cost of raw materials increased by 64.1% to Rs 477.10 billion (USD 7.4 billion) from Rs 290.65 billion on Y-o-Y basis primarily on account of 58% increase in crude prices.

Exports (including deemed exports) from India operations were higher by 25.2% at Rs 387.18 billion (USD 6.0 billion) as against Rs 309.35 billion in the corresponding period of the previous year.

Basic earnings per share (EPS) for the quarter ended March 31, 2017 was Rs 27.3 as against Rs 24.3 in the corresponding period of the previous year.

Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries said, ''During FY 2016-17, the Reliance team shaped the contours of future growth platforms in the Consumer and the Energy and Materials businesses. I am proud to be part of this gifted team that has strived tirelessly over the last few years to create unparalleled hydrocarbon assets, while ushering in the digital age to the remotest parts of our Nation. The talent and dedication of our team is underscored by the fact that this was achieved in a record-setting timeframe.

Operationally, we continue to scale new heights. RIL generated its highest ever annual profits at Rs 299.01 billion, registering a growth of 18.8% on Y-o-Y basis. Refining and petrochemicals businesses achieved record levels of profitability, underpinned by our ability to access feedstock competitively from global markets, maintain high operating rates and place products in growth markets. With ongoing projects our portfolio will become significantly more robust and integrated, securing long-term profitable growth.

Reliance Retail has displayed encouraging performance with revenues growing by 60.2% and EBITDA by 40.4% on YoY basis. In digital services, the Jio movement is set to transform India. Jio is witnessing the largest migration from free to paid services in history. Jio is committed to provide its customers the highest quality and the world's most affordable data and voice services.''

Shares of the company gained Rs 16.65, or 1.19%, to settle at Rs 1,416.40. The total volume of shares traded was 533,940 at the BSE (Monday).