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16
January 2017
Reliance
Industries on Monday reported a rise of 10 per cent in its standalone net
profit for the quarter ended December 31, 2016, thanks to a robust refinery
performance. The Total Investment & Insurance
Solutions
The
company's third quarter standalone net profit increased to Rs 8,022 crore ($1.2
billion).
The
company's gross refining margin -- the difference between the crude oil price
and the value of petroleum products coming out of a refinery -- of $10.8 per
barrel was well above market expectations. The
Total Investment & Insurance Solutions
"Our
robust integrated platform, sound operational processes and business portfolio
aligned to the needs of emerging India enabled us to deliver another record
performance in challenging market conditions," Mukesh Ambani, Chairman and
Managing Director of Reliance Industries, said in a statement after the release
of the latest numbers. The Total
Investment & Insurance Solutions
"The
refining business has delivered eight consecutive quarters of double-digit
GRMs, benefiting from the global demand for transportation fuels and improved
product cracks." The Total
Investment & Insurance Solutions
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