Reliance Industries (RIL), India’s largest company by market cap, reported a consolidated profit of Rs13,248 crores during April-June
For the same quarter, Renevue from operations came at Rs 88,253 crore
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
Analysts had expected RIL’s GRM for the quarter to return in between $5 per barrel and $9 per barrel.
During the quarter Benchmark Singapore GRMs were muted (–$ 0.9/bbl) due to a huge hit on oil demand. GRMs however, are expected to recover by last 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 thus far .