Reliance Industries (RIL) has surged by 5% at Rs 945, its highest level since June 2011, in opening deals after reporting a better-than-expected 24% year-on-year (yoy) growth in net profit at Rs 5,502 crore for the quarter ended December 31, 2012 (Q3) on account of higher than expected profitability from refining segment.
It was the first time in five quarters that the RIL, India's largest-listed company by market value has posted a higher profit. The company had net profit of Rs 4,440 crore in a year ago quarter.
Net sales increased 10% to Rs 93,886 crore on y-o-y basis. It posted a gross refining margin of $9.60 a barrel in the past quarter, compared with $6.80 a year earlier, RIL said in a statement.
Analyst on an average was expecting RIL to post a net profit of Rs 4,977 crore on sales of Rs 91,835 crore during the recently concluded quarter.
The stock opened at Rs 936 and hit a high of Rs 955 on the BSE. A combined around one million shares have changed hands on the counter in opening deals on the BSE and NSE.
