CHENNAI: Reliance Industries on Thursday reported a 23 per cent drop in its second quarter net profit as compared to last year, which was boosted by income from the sale of US shale gas assets.
The company has reported a consolidated net profit of Rs 7,206 for July-September, a 22.9 per cent lower than Rs 9,345 crore earning in the same period a year ago. However, revenue was higher at Rs 81,651 crore in July-September as compared to Rs 74,490 crore in the same period a year ago.
After excluding the exceptional item, the net profit was up 43.1 per cent. Last year, the company had sold EFS Midstream LLC for Rs 4,574 crore.
Petrochemicals segment gained significantly from higher volumes, integration and supportive product margins.
“The company has achieved outstanding second quarter results with strong refining business performance and record petrochemicals segment earnings, ” RIL Chairman and Managing Director Mukesh Ambani said.
The owner of the world’s largest refining complex saw profits from the refining business dip 9.4 per cent as it earned $10.1 on turning every barrel of crude oil into fuel in the second quarter, lower than $10.6 per barrel gross refining margin in the same period of last fiscal.