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 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.
"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 refining business has delivered eight consecutive quarters of double - digit GRMs, benefiting from the global demand for transportation fuels and improved product cracks. "