RIL: Record refining margins boost Q1

Petchem margins at all-time high

Reliance Industries (RIL)’s performance for the June quarter was better than expectations, primarily led by the strong show of its refining segment. This segment contributes 60-65 per cent to its consolidated revenues and profit, and was expected to see some weakness. The reason: Benchmark Singapore GRM (gross refining margins) during the quarter were largely flat at $6.4 a barrel, while other product cracks were flat to down, leading to subdued expectations. 

Analysts at Motilal Oswal Securities had said RIL was expected to report a decline in its GRMs, led by narrowing light-heavy differential and inventory losses. Analysts were expecting GRMs