Reliance Industries registers record improvement in the current quarter

Reliance-IndustriesReliance Industries reported a growth of 28% in quarterly net profit. Reliance Industries operates the world's biggest refining complex at Jamnagar.

In the current quarter, company has earned more dollars for each barrel of oil it refined because of the economic recovery in Western countries there is expansion in the demand of fuel and gross refining margins (GRM).

Due to shutdown of one terminal in the current quarter, the refinery has processed more crude oil in the October-December period.

Sandeep Randery, equity research analyst at Brics Securities said that it is expected that RIL will able to meet the global trend and could attain a GRM of $9 barrel in the fourth quarter.

Chairman and Managing Director Mukesh Ambani said that RIL has made improvement in both refining and petrochemicals in the current quarter. In the first two quarters, company had recorded a growth of 30% in net profit and revenues go up by 48% as compared to previous year.

There was a rumor that companies Krishna-Godavari basin is producing lesser gas but rise in gross refining margins have overshadowed such rumors.

There is an increase in revenues by 18.8% annually taking the revenues to 4178 crore but second quarter of the same fiscal year posted 24% up in revenues.