Reliance Industries (RIL) reported better-than-expected financial results for the quarter ended June 30, 2016. Standalone net profit of Reliance Industries jumped 18.51 per cent year-on-year to Rs 7,548 crore during the quarter under review. It had reported net profit of Rs 6,369 crore in the corresponding quarter last year.

Standalone total income of RIL fell by 18.72 per cent to Rs 53,496 crore from Rs 65,817 crore in the same quarter last year.

On a consolidated basis, Reliance Industries reported 18 per cent rise in net profit figures at Rs 7,113 crore for the first quarter ended June 30, 2016 against Rs 6,024 crore in the corresponding quarter a year ago. Income from operations of RIL fell by 15.17 per cent year-on-year to Rs 64,990 crore against Rs 76,615 crore in the same quarter last year.

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Gross Refining Margin (GRM) of Reliance Industries beat market estimates and stood at $11.5 per barrel for the quarter ended June 30. Brokerage firm Motilal Oswal was expecting a GRM at $9.5 per barrel for the April-June period against $10.4 per barrel in the first quarter of the previous financial year.

Gross refining margin is the difference between the value of petroleum products coming out of an oil refinery and the price of the crude oil. During the first quarter of FY17, Singapore complex margin averaged $5 per barrel as compared to $7.7 per barrel in the sequential quarter ended March 31, 2016 and $8 per barrel in the corresponding quarter last year. In a release, RIL said, “On a quarter-on-quarter basis, margins declined on back of weak light distillate cracks and sharp decline in fuel oil cracks. However, middle distillate cracks remained firm with recovery in gas oil cracks.”

KG-D6 field produced 0.28 million barrels (mmbl) of crude oil and 28.05 billion cubic feet of natural gas in the last quarter ended June 30, 2016, a reduction of 35 per cent and 23 per cent, respectively on a year-on-year basis. Condensate production in 1Q FY17 was at 0.04 mmbl. According to Reliance Industries, the fall in oil and gas production was mainly on account of natural decline in the fields.

Reliance Industries shares closed 0.61 per cent up at Rs 1012.55 on Friday.