RIL Q2 PAT up 1.7% at Rs 5972 crore; beats estimates : ET

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Beating street estimates, Mukesh Ambani-led Reliance Industries (RIL) on Monday reported Profit After Tax (PAT) of Rs 5,972 crore for the second quarter of the current financial year. This is way above an ET Now Poll of Rs 5,600 crore. The company's profit is up 1.7% YoY.

The results come on the back of strong growth in its US shale business and refining margins. The GRMs for Q2 came in at $8.3/bbl versus $7.7/bbl YoY. The sales figures for the second quarter were reported at Rs 1.13 lakh crore versus Rs 1.06 lakh crore, up 6.6% YoY.

Oil & Gas EBIT margins came in at 27.2% versus 35.6% YoY. While petrochemical EBIT margins stood at 8.9% versus 8.8% YoY, refining EBIT margins were reported at 3.7% versus 2.9% YoY.

Ahead of the results, shares in RIL closed the day at Rs 957.85, down 0.26% on the Bombay Stock Exchange. They hit an intra-day high of Rs 964 and a low of Rs 948.80 in trade today.

Earlier in the day, ET reported that RIL has formally launched an internal constitution known as Reliance Management Services (RMS) to define processes and policies for the first time in its 38-year-old history as India's largest private sector company looks to embrace next generation practices.

The new system clearly defines the critical policies, processes and execution measures for segments ranging from topics such as HR management to risk management.

RMS clearly spells out what needs to be done within a specified time. For instance, the new framework provides guidelines on the delegation of authority and clearly explains how it should percolate from top to bottom. Similarly, it also explains the processes to detect risks easily and quickly.

The launch of management system RMS will accelerate the pace at which contemporary HR practices are put in place.