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Reliance Industries (RIL) posted 28 per cent y-o-y profit growth in the June quarter, thanks to a good show by its refining and petrochemicals segments. An exceptional gain of ₹1,087 crore helped, but even without this, profit growth was robust at 13 per cent.
Gross refining margin rose to $11.9 a barrel aided by efficient crude sourcing, while petchem margin rose to a record high of 15.8 per cent.
This along with better volumes powered the bottom-line and offset the continuing weakness in the exploration business. The retail segment’s profit nearly doubled.
The telecom business is yet to contribute meaningfully to profits, but prospects seem good with competitive tariff plans and the impending launch of the Jio phone. RIL’s 24.9 per cent stake buy in Balaji Telefilms should strengthen its media business.
The RIL stock continued its strong run, aided by robust results and the 1:1 bonus announcement.
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