Reliance Industries on Monday reported a good set of fourth quarter earnings with gross refining margins (GRMs) recording an eight-year high of USD 11.50 per barrel.
Gross refining margins -- the difference between crude price and total value of petroleum products produced by the refinery -- for the year FY17 stood at USD 11.0 per barrel against USD 10.8 per barrel in the previous fiscal.
RIL’s GRM outperformed Singapore complex margins by USD 5.2 per barrel.
Strong refining and petrochemicals margin environment contributed to higher operating profits for the year, the company's press release said.
"The result which they have come up with on both on GRM as well as looks like on the petchem side, core businesses which produce about two third and one third of their respective profits, they have done very well. Nobody expected USD 11 plus per barrel of GRM, so USD 11.5 per barrel is definitely great," says market expert Sudip Bandopadhyay.
"RIL’s exports of refined products from India were at USD 5.1 billion during the 4Q FY17 as compared to $ 3.9 billion in 4Q FY16. In terms of volume, exports of refined products were 10.1 MMT during 4Q FY17 as compared to 10.8 MMT in 4Q FY16," the company said.
Disclosure: Reliance Industries, owns Network18 which publishes Moneycontrol.com.
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