Reliance Industries is trading 2.4% higher at Rs 1,001 on BSE after reporting a better-than-expected 14% year on year (yoy) jump in net profit at Rs 5,957 crore for the quarter ended June 30, 2014 (Q1).
Analysts on an average had expected profit of Rs 5,462 crore for the quarter. The company had profit of Rs 5,237 crore in the same quarter last fiscal.
The company's turnover in the three-month (April-June) period rose 7% to Rs 107,905 crore on yoy basis.
The revenue growth was primarily driven by higher prices, while the bottom line got a boost from improved margins in the refining & petrochemicals business.
While operational efficiencies and significantly lower interest expenses drove earnings, stability in the rupee's value helped the company trim the interest cost on its debt to Rs 505 crore from Rs 938 crore.
The stock opened at Rs 1,000 and touched a high of Rs 1,004 on BSE. A combined around 350,000 shares changed hands on the counter in early morning deals on BSE and NSE.
Analysts on an average had expected profit of Rs 5,462 crore for the quarter. The company had profit of Rs 5,237 crore in the same quarter last fiscal.
The company's turnover in the three-month (April-June) period rose 7% to Rs 107,905 crore on yoy basis.
The revenue growth was primarily driven by higher prices, while the bottom line got a boost from improved margins in the refining & petrochemicals business.
While operational efficiencies and significantly lower interest expenses drove earnings, stability in the rupee's value helped the company trim the interest cost on its debt to Rs 505 crore from Rs 938 crore.
The stock opened at Rs 1,000 and touched a high of Rs 1,004 on BSE. A combined around 350,000 shares changed hands on the counter in early morning deals on BSE and NSE.
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