RIL back as India’s most profitable co

MUMBAI: Riding on superior refinery margins, Reliance Industries (RIL) regained its position as India's most profitable firm on Friday. It reported an 8.5% jump in its FY15 fourth quarter net profit to Rs 6,381 crore (over $1 billion) on a consolidated basis, compared to the same period a year ago. TCS had displaced RIL from the numero uno position in Q3 as RIL profits fell for the first time in two years to Rs 5,256 crore.

This effectively means that RIL profits have grown over 21% over the last quarter. This jump came even as its earnings from the petrochemicals business fell while the domestic gas business continued to disappoint. The record profit is despite a 33% fall in sales to Rs 70,863 crore as global crude oil prices crashed by half in the second half of the last fiscal, leading to a fall in its exports by 44% to Rs 37,480 crore ($46 billion).

RIL chairman Mukesh Ambani said, "In a time when the collapse of crude oil prices unsettled the hydrocarbons markets, our refining business delivered record earnings." RIL's gross refining margins for the quarter stood at $10.1 a barrel compared to $9.3 a barrel in the same quarter last year and $7.3 in the preceding quarter.

Reliance Industries Limited (RIL)