INSUBCONTINENT EXCLUSIVE:
Reliance Industries' gross refining margin reduced to $6.3 per barrel from $8.9 per barrelHighlightsReliance Industries beats analysts'
estimates despite 45% revenue fall One-time gain of Rs 4,966 crore from BP's investment helped Reliance Revenue from oil and gas
operations declined 45.2%
Billionaire Mukesh Ambani-led Reliance Industries, the country's most valuable
company, on Thursday reported a 31 per cent annual growth in its net profit to Rs 13,233 crore in the quarter ended June 30
The oil-to-telecom conglomerate had reported a net profit of Rs 10,104 crore in the corresponding quarter last year
The profit beat analysts' estimates
Analysts had on average expected Reliance Industries' profit at Rs 7,457 crore, news agency Reuters reported citing Refinitiv data
Reliance Industries' profit jumped despite a decline in revenue, on the back of a one-time gain of Rs 4,966 crore from global oil
major BP's investment in its fuel retail business
BP is investing Rs 7,629 crore for a 49 per cent stake in the company's fuel retailing business.The coronavirus pandemic is causing
"significant disturbance and slowdown of economic activity" globally and in India, Reliance Industries said in an exchange filing. COVID-19
impacted the group's operations and revenue during the quarter, said Reliance Industries, which reported a decline of 44 per cent in
revenue to Rs 91,238 crore in the first quarter of current financial year."The severe demand destruction due to global lockdowns impacted
our hydrocarbons business but the flexibility in our operations enabled us to operate at near normal levels and deliver industry leading
results," said Mukesh Ambani, chairman and managing director, Reliance Industries.Mumbai-based Reliance Industries said revenue from its
oil and gas operations declined 45.2 per cent to Rs 506 crore in the quarter, due to lower production in domestic business after the closure
of the Panna Mukta and D1D3 fields, and lower prices.Its gross refining margin (GRM) - a key measure of profitability for an oil refining
company - reduced to $6.3 per barrel in the April-June period from $8.9 per barrel in the previous quarter
Reliance Industries said the GRM was impacted by lower product cracks and a narrower light-heavy crude differential."Our consumer-facing
businesses became the life-line for individuals and businesses with our Retail and Jio teams working hard to ensure millions got essential
goods and services through the lockdown," Mr Ambani added.The profit of Reliance Industries' telecom arm, Reliance Jio Infocomm, nearly
tripled to Rs 2,520 crore in the quarter ended June 30, from Rs 891 crore in the year-ago period.Jio's average revenue per user - a key
metric of profitability - improved to Rs 140.30 per month from Rs 130.60 per month in the previous quarter.Reliance Industries shares ended
0.61 per cent higher at Rs 2,108.65 earlier in the day, outperforming the Sensex which ended nearly 1 per cent lower.
