New Delhi: Reliance Industries Ltd's refining and marketing business revenue rose 15.9% to Rs 853.83 billion during the fiscal first quarter (Apr-Jun), from Rs 736.89 billion in the same period a year ago, driven by higher volume and better prices, the company said in a statement Friday.
However, the segment's earnings before interest and tax (EBIT) fell by 32.8% on-year to Rs 21.51 billion in the three months to June 30, due to sharp drop in refining margins, even as its gross refining margin (GRM) was way above the Asian benchmark, Reliance Industries said.
GRM was at $7.6 per barrel in the June quarter, against $10.3 in the corresponding period a year ago.
It registered a record crude throughput of 17.3 million tonnes, representing an operating rate of 111%.
EBIT margin of the refining and marketing business was at 2.5% during the quarter versus 4.3% in the corresponding period last fiscal.
The company's refineries exported 9.3 million tonnes of refined products during the quarter, as compared to 8.4 million tonnes in the year-ago period.
Reliance Industries' revenue of the oil and gas (exploration and production) business fell by 35.6% to Rs 25.08 billion during the quarter, due to sharp drop in output from its D6 oilfield in the Krishna Godavari basin.
EBIT of the segment also declined by 34.0% to Rs 9.72 billion in the June quarter from Rs 14.73 billion in the year-ago period, while EBIT margin of the oil and gas business rose to 38.8% in the quarter from 37.8% in the same period a year ago.
Reliance Industries' petrochemicals business registered a jump of 18.9% in its revenue to Rs 218.39 billion during the quarter, as compared to Rs 183.66 billion in the same quarter last fiscal.
The EBIT of its petrochemical business declined by 20.7% to Rs 17.56 billion in the quarter against Rs 22.15 billion in the year-ago period and its EBIT margin fell to 8% in the quarter from 12.1% in the same period a year ago.
The segment registered a production of Rs 5.6 million tonnes during the period.
Reliance Industries shares Friday ended at Rs 722.65 on the Bombay Stock Exchange (BSE), down 0.70% from the previous close.
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