Reliance Q4 profit jumps 12.3% on higher refining margins

NEW DELHI: Reliance Industries today reported a 12.3 per cent rise in its March quarter net profit on the back of higher refining and petrochemical margins.
Consolidated net profit in January-March quarter at Rs 8,046 crore, or Rs 27.3 per share, was 12.3 per cent higher than Rs 7,167 crore net profit in the same period a year ago, the company said in a statement.
For the full 2016-17 fiscal, the company generated its highest ever annual profit at Rs 29,901 crore. The annual profit was 18.8 per cent higher than the previous year's.
Alok Agarwal, CFO of RIL, highlighted the major areas of achievements of the group. He said that RIL's enegry and materials business investments have peaked and projects have started commissioning. He described the last financial year as one of the best in history for the refining business.
Reliance earned $11.5 on turning every barrel of crude oil into fuel in the fourth quarter as compared to a gross refining margin of $10.8 per barrel in the same period a year before.
The group also registered over 60% growth in revenue for retail business, Agarwal said.
Its telecom venture Jio, he said, is a starter that achieved tremendous traction last year, with over 72 million paid customers, and now accounts for nearly 85% of data traffic in the country.
(With inputs from PTI)