Reliance Industries on Saturday posted a 13.7 % jump in its first quarter net profit to almost $1 billion, the highest quarterly profit by a private firm.
The jump came on the back of higher refining margins, better petrochem earnings and surge in US shale gas business.
RIL,the world's biggest oil refinery complex earned $8.7 on turning every barrel of crude oil into fuel in Q1 as compared to $8.4 gross refining margin (GRM) in the same period a year ago
Revenue from its refinery business rose 7.2 %, earnings from petrochemical business soared 9.3 %
Oil and Gas production business that posted 27.3 % rise in revenue and more than doubled pre-tax segment profit.
The company's net profit in April-June 2014 rose to Rs. 5,957 crore, or Rs. 20.3 per share, up 13.7 % from Rs. 5,237 crore, or Rs. 17.8 a share, in the same period a year ago
Turnover surged 7.2 % to Rs. 107,905 crore
Higher crude oil prices led to 7.2 per cent rise in cost of raw material from Rs. 77,069 crore to Rs. 82,631 crore.
Employee cost also rose to Rs. 1,480 crore in Q1 from Rs. 1,415 crore a year ago. Other income fell to Rs. 1,974 crore from Rs. 2,392 crore.
Stability in rupee helped prune interest cost on debt to Rs. 505 crore from Rs. 938 crore in Q1 of last fiscal.
RIL's outstanding debt was marginally lower at Rs. 135,769 crore as on June 30, 2014 when compared to Rs. 138,761 crore as on March 31, 2014.
It had a cash balance of Rs. 81,559 crore
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