RIL Q2 PAT up 15.8 percent at Rs 5703cr

Robust refining margins which are directly co-related to crude oil prices helped Reliance Industries (RIL) to meet analyst expectations on the bottom line. At the same time, revenues from the exploration & production business fell sharply, offsetting much of the gains from higher volume sales and price hikes.RIL’s July-September quarter net profit rose 15.8 percent year-on-year, to Rs 5,703 crore. This was marginally lower then the CNBC-TV18 poll projecting the bottomline at Rs 5,750 crore. Net turnover for the quarter rose 35 percent to Rs 80,790 crore, better than the poll estimate of Rs 79,800 crore.“The increase in profits was largely driven by improved performance in the refining and petrochemicals business. All our manufacturing facilities operated at record levels with refineries achieving operating rates of 110 percent. RIL has strong balance sheet and sustained earning base to pursue growth opportunities,” said, chairman and managing director  Mukesh Ambani in the earnings release.