A strong show by its refining business helped Reliance Industries post record profit (Rs.6,720 crore) in the September quarter. Gross refining margin rose to a seven-year high of $10.6 a barrel, in contrast to the sequential quarter fall in the Singapore complex margin.
The operating profit of the segment grew 42 per cent Y-o-Y. The petrochemicals segment also did well with 7 per cent profit growth, thanks to higher margins and volumes. These offset the continued poor show in the exploration business which saw profit slip 70 per cent Y-o-Y. Sequentially though, lower costs in the US shale business helped the segment grow profit seven-fold from the June quarter.
Profit in the retail business grew 18 per cent Y-o-Y. The commercial launch of the telecom business is projected to happen next fiscal.
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