The company's net profit was Rs 5,972 crore in the same period of 2014-15 fiscal.
Reliance Industries Ltd on Friday posted 12.52 per cent increase in consolidated net profit at Rs 6,720 crore (Rs 67.20 billion) for the second quarter ended September 30, 2015-16.
The company's net profit was Rs 5,972 crore (Rs 59.72 billion) in the same period of 2014-15 fiscal.
In a BSE filing, RIL said its total income declined to Rs 70,901 crore (Rs 709.01 billion) during the quarter, compared with Rs 1,09,797 crore (Rs 1.09 trillion) in the year-ago period.
The company's expenses, it said, have declined to Rs 63,368 crore (Rs 633.68 billion) from Rs 1,03,003 crore (Rs 1.03 trillion).
RIL chairman and managing director Mukesh D Ambani said: "We achieved record levels of EBITDA and profits for the quarter, underscoring our ability to optimally utilise our assets across the value chain to leverage favourable market conditions."
He said the refining business performance was notable, as it benefited from a combination of high utilisation levels, advantageous crude market opportunities and strong global fuels demand.
"Petrochemicals segment performance reflects strong volume growth, product mix improvement and lower energy costs. Reliance Retail achieved a milestone of Rs 5,000 crore (Rs 50 billion) quarterly turnover mark for the first time, reflecting continuing growth momentum in physical retailing," he said.
Stating that the company maintained a rapid pace of construction activity during the quarter, Ambani said, "The company’s world-scale petcoke gasification facility and ethylene cracker complex remains on track for its planned 2016 start-up.
"In Digital Services, we have substantially completed the network roll-out across the country and initiated the process of beta testing of our network and platforms."
Reliance Industries Ltd (RIL) is the operator of world’s largest refining complex that can process low-grade crude and switch between fuels depending on market prices.
RIL said exceptional items of Rs 252 crore (Rs 2.52 billion) represent the net impact of the gain on sale of investment (net of taxes) in EFS Midstream LLC of Rs 2,911 crore (Rs 29.11 billion) and provision for impairment (net of tax), in shale gas assets held by Reliance Holding USA Inc of Rs 2,659 crore (Rs 26.59 billion).
While pre-tax profit from refinery business jumped 42.1 per cent to Rs 5,461 crore (Rs 54.61 billion), earnings from petrochemical business soared 7.2 per cent to Rs 2,531 crore (Rs 25.31 billion) .
EBIT from domestic oil and gas production business however dropped 83.1 per cent to Rs 56 crore (Rs 560 million) on "lower oil/condensate prices and decline in gas production from KG-D6 block", said RIL statement.
Other income fell to Rs 1,596 crore (Rs 15.96 billion) in second quarter as against Rs 2,009 crore (Rs 20.09 billion) in same period of the previous fiscal, primarily on account of lower accruals on investments.
Interest cost was marginally lower at Rs 972 crore (Rs 9.72 billion) as against Rs 997 crore (Rs 9.97 billion) in July-September 2014-15.
RIL's outstanding debt was higher at Rs 172,765 crore (Rs 1.72 trillion) as on September 30, 2015 when compared to Rs 170,814 crore (Rs 1.7 trillion) as on June 30. Its cash balance was also lower at Rs 85,720 crore (Rs 857.20 billion), compared with Rs 87,391 crore (Rs 873.91 billion).
RIL said exports were lower by 35.5 per cent at Rs 42,636 crore (Rs 426.36 billion) due to lower product prices in line with lower crude oil prices.
Brent oil price averaged at $ 50.3 per barrel in the second quarter of the current fiscal, compared to $101.8 in the year-ago period.
"Strong operating performance from refining and petrochemicals business coupled with favourable exchange rate movement was partially offset by lower contribution from oil and gas business," said the RIL statement.
