Mumbai: Reliance Industries (RIL), country's largest listed company by market capitalisation, on Thursday reported consolidated net profit of ₹13,248 crore during April-June quarter, aided by exceptional income of ₹4,966 crore. The conglomerate witnessed 31% jump in its net profit when compared to ₹10,141 crore it reported in June 2019.
Revenue from operations for the quarter came in at ₹88,253 crore.
According to a Bloomberg survey of 10 brokers, net profit is expected to come in at ₹7,119 crore against ₹10,104 crore in the same quarter last year. Net sales is estimated at to come in at ₹1 trillion, according to a poll by 11 analysts.
RIL's gross refining margin, or what refiners make from turning every barrel of crude into finished products, came in at $6.3 per barrel as compared to $8.9 per barrel in the March quarter.
Analysts had expected RIL's GRM for the quarter to come in between $5 per barrel and $9 per barrel.
During the quarter Benchmark Singapore GRMs were muted (–$ 0.9/bbl) owing to a massive hit on oil demand. GRMs however, are expected to recover by second half of this fiscal as staggered easing of lockdowns across the country should revive transportation fuel demand.
Ahead of the earnings, RIL's scrip was trading flat at ₹2,108.65 on the BSE. During the June quarter the stock rallied 54% and has gained 39% in 2020 so far.