Shares of Reliance Industries jumped nearly 6 per cent on Bombay Stock Exchange (BSE) in trade on Monday after the company announced a 12.5 per cent rise in its second quarter profit, helped by stronger margins in its core refining business.
The stock ended the day 5.61 per cent higher after hitting an intraday high of Rs 965.20, up 5.81 per cent on BSE.
The company's net profit was Rs 5,972 crore in the second quarter of fiscal year 2014-15.
RIL reported an excellent surge in its gross refining margin (GRM), which came in at $10.6 per barrel for the second quarter against $8.3 per barrel y-o-y. GRM is the difference between the total value of petroleum products coming out of an oil refinery (output) and the price of the raw material (input).
Oil and gas firm's total income declined to Rs 70,901 crore during the quarter, compared with Rs 1,09,797 crore in the year-ago period.
The company's expenses have declined to Rs 63,368 crore from Rs 1,03,003 crore, said RIL in a BSE filing.
"We achieved record levels of EBITDA and profits for the quarter, underscoring our ability to optimally utilise our assets across the value chain to leverage favourable market conditions," RIL chairman and managing director Mukesh Ambani said.
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