RIL reports profit in Q3, beats market estimates

Created On: 18 Jan 2014 5:09 PM IST

RIL reports profit in Q3, beats market estimates. Reliance Industries Ltd (RIL), owner of the world's biggest refining complex, on Friday beat street estimates by reporting a marginal increase in third-quarter net profit, helped by a rise in revenue from its non-core business.

New Delhi : Reliance Industries Ltd (RIL), owner of the world's biggest refining complex, on Friday beat street estimates by reporting a marginal increase in third-quarter net profit, helped by a rise in revenue from its non-core business.

Profit rose 0.2 per cent to Rs 5,511 crore, or Rs 17.10 a share, in the October-December quarter from Rs 5,502 crore, or Rs 17 a share, a year earlier, RIL said in a statement.

The markets expected profit to range between Rs 5,310 and Rs 5,350 crore. Earnings were also higher than the Rs 5,490 crore posted in the second quarter. Sales rose 10.5 per cent to Rs 106,383 crore.

While natural gas production at its main Krishna Godavari field continued to slump and refining margins dropped, the company's income from other than its main operations rose 32 per cent to Rs 2,305 crore in October-December from Rs 1,740 crore a year earlier.

RIL CMD Mukesh Ambani said the company has commissioned a new polyester facility in Silvassa, the first among the $12 billion worth of projects it had undertaken to expand in the core business of petrochemicals and oil and gas.