Reliance Industries today reported a 38 per cent jump in its December quarter net profit to a record Rs 7,290 crore after refining margins soared to seven-year high.
Net profit of Rs 7,290 crore, or Rs 24.8 per share, in October-December was 38.7 per cent higher than Rs 5,256 crore, or Rs 17.8 a share, in the same period a year ago, the company said in a statement.
RIL earned USD 11.5 on turning every barrel of crude oil into fuel in the third quarter of 2015-16 compared to USD 4 per barrel gross refining margin a year ago.
Total income from operations, however, dipped 27 per cent to Rs 68,261 crore during the third quarter, from Rs 93,528 crore in the same period year ago, RIL said.
A company spokesperson said: "RIL and its subsidiaries
have adopted Ind AS with effect from April 1, 2016 pursuant to the notification issued by Ministry of Corporate Affairs (MCA)."
He said the impact of Rs 39,570 crore is entirely on account of change in accounting policy from Full Cost Method (FCM) to Successful Efforts Method (SEM).
"This was disclosed by the Company in July 2016 while announcing its 1Q FY17 results. The break-up between Domestic and US shale is almost equal (51:49)," he added.
