RIL BEATS STREET

Reliance Industries’ quarterly net profit rose 16.7% All expect 13% but  its refineries ran at full throttle and earned more dollars for each barrel processed, helping it offset a sharp fall in gas output and lower petrochemicals margins. The company said the outlook for refining, which contributed 76.6% of its revenue, was good. “Positive margin outlook for refining with global oil demand expected to grow at 1.2 million barrels per day — growth driven by transportation fuels,” it said in a presentation to analysts. Reliance also foresees an improvement in the local petrochemicals market after a quarter in which domestic polymer and polyester demand contracted.
In the April-June quarter , the company processed a record 17 million tonnes of crude oil as its refining margin fattened to $10.3 from $7.3 per barrel. Its refining complex at Jamnagar, the world’s largest, shipped out 10.4 million tonnes. This boosted exports of oil products 62% to $10.2 billion compared with the year-ago quarter.
Its huge pile of cash and securities swelled another 8% in three months to . 45,775 crore, bringing it closer to becoming practically debt-free and giving it room to deploy capital profitably. Its debt stood at . 67,041 crore at the end of the quarter