Reliance Industries second quarter net profit up 1.5 percent

Reliance Industries (RIL) Monday reported a 1.5 percent rise in its second quarter net profit which stood at Rs.5,490 crore on the back of stronger margins in oil refining and petrochemicals business.

Net profit of the Indian conglomerate stood at Rs.5,409 crore in the corresponding quarter (July-September) of 2012-13.

The company further reported a rise of 9.4 percent in its net profit for the first half of current fiscal which stood at Rs.10,842 crore from Rs.9,912 crore reported in the corresponding period of 2012-13.

Commenting on the results, Reliance Industries' chairman and managing director Mukesh Ambani said: "Our diversified and integrated petrochemicals business captured margins across segments -- delivering near-record profit levels even as the domestic economy slowed."

"Optimal utilisation of best-in-class refinery assets and inherent flexibility in sourcing, product delivery contributed to healthy operating profits from our refining business."

According to Ambani, the company's retail business continued its upward movement. The segment reported a growth of 41 percent in the first half of the current fiscal.

The company reported a 14.2 percent rise in its total revenue for the quarter under review which stood at Rs.106,523 crore from Rs.93,266 crore reported in the corresponding quarter of 2012-13.

The company's total revenue for the first half of the current fiscal grew by 4.7 percent at Rs.197,112 crore from Rs.188,193 crore reported in the corresponding period of 2012-13.