Nearly a third of RIL’s profit is shaved off by the dent in refining

• Reliance Industries (RIL) reported a 32.5% year-on-year decline in its standalone net profit to ₹6,546 crore.
• The company’s gross refining margin (GRM) fell to $5.7 a barrel compared to $6.3 a barrel just three months ago.
• The share price of RIL has shot up 87% since the beginning of the current fiscal year.

India's most valued company, Mukesh Ambani-owned Reliance Industries (RIL), reported a 32.5% year-on-year decline in its standalone net profit to ₹6,546 crore. The overall revenue declined 32.7% year-on-year to ₹61,246 crore during the same period. The gross refining margin (GRM) fell to $5.7 a barrel compared to $6.3 a barrel just three months ago.




The revenue from nearly all its segments from petrochemicals to refining contracted during the quarter. And, Refining and petrochemicals, which together make for over three-fourth of the company's revenue was a major hit.


Jio and Reliance Retail continue to be the shining star in RIL's portfolio — Jio recorded a 31% y-o-y growth and Retail was up 42% ⁠— but these weren’t good enough to make up for the dent in refining.



The share price of RIL has shot up 87% since the beginning of the current fiscal year.


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