Reliance Industries Limited on Monday said it had achieved a 11.5% increase in net profits, amounting to Rs 8,053 crore, in the fourth quarter of the 2016-’17 financial year. The company attributed the gains to its higher refining margins.
Its numbers were higher than analysts’ estimate of Rs 8,046 crore. RIL’s standalone net profit was Rs 8,151 crore in the January-March quarter. Before the firm reported its earnings, its shares closed 1.23% higher on the Bombay Stock Exchange Sensex.
RIL operates the world’s largest oil refinery complex in Gujarat’s Jamnagar. It has a refining capacity of 1.24 million barrels of oil per day.
The group’s telecom venture Jio reported a net loss of Rs 22.5 crore for the six-month period ending March 31, compared to the net loss of Rs 7.46 crore it reported the last quarter. Jio had recently announced that its subscriber base had risen to 72 million.