From the Field
India’s Reliance beats estimates
MUMBAI , July 15, 2016 – Reliance Industries on Friday reported an 18% increase in Q1 profit, beating expectations on account of the performance of its refining business, which recorded better gross margins per barrel.
The refining margin per barrel produced came out at USD 11.5 over the mentioned period, up from USD 10.4 in the June quarter in 2015. The higher margins contributed to the better-than-expected Q1 profit over the current financial year – consolidated net profit was up to reach USD 1.1 billion.
“We maintained our earnings growth trajectory during this quarter, as the world grappled with new dimensions of economic uncertainty,” chairman and managing director Mukesh Ambani said in a statement. “Though regional refining margins trended downwards, our high-conversion refining system was able to take advantage of higher margins on middle distillates and wider discounts on sour crude oils.”