For the first time in four years, profit has been fallen on lower gross refining and petrochemical margins of Reliance Industries. According to the company’s exchange filing, the exact profit fell 4.2 percent successively to Rs. 8,556 crores in the quarter ended March. It is supposed to be the first decline in the 17 quarters. However, the company’s other income worth Rs. 2,883 crores have helped beat the top line.
According to Deven Choksey, Managing Director of KRChoksey Investment Managers Pvt. Ltd. “The throughput process is lower compared to the earlier quarter because of the refinery shutdown.” The profit was lower due to the refining business’ throughput course.
However, its operating margin spread 190 basis points to 16.4 percent, though its operating profit fell 5.5 percent quarter on quarter to Rs. 13,704 crores. The amount of earning by refiner one barrel of crude oil fell to $8.2 per barrel from $8.8 in the previous quarter.