Higher margins push RIL Q1 net up

Reliance Industries Ltd. has reported a net profit of Rs.5,352 crore for the first quarter ended June 30, 2013, as compared to Rs.4,503 crore in the same period last year, up 18.9 per cent, due to higher refining margins and rise in other income. The spurt in net profit was despite 4.6 per cent decline in first quarter turnover of Rs.90,589 crore as compared to Rs.94,927 crore. Retail business continues to make remarkable progress and registered a 53 per cent growth in revenues during the first quarter,” he added. During the quarter, RIL Jamnagar refineries processed 17.1 million tonnes of crude and achieved an average utilisation rate of 110 per cent.