India’s oil and petrochem major Reliance Industries (RIL) has reported a lower quarterly profit for the fourth consecutive time due to shrinking refining margins. Q2-10 net profit declined 6.4% to Rs 3,852 crore, turnover increased 6.1% to Rs 46,848 crore. Gross refining margins fell to US$6 a barrel for the quarter ended September 30 from US$13.4 a barrel a year earlier.
Decrease in prices was partially offset by higher volumes. Its refining business, the largest contributor to revenues, increased 8.9% to Rs 39,564 crore in the quarter. Revenues from petrochemicals increased 14.2% to Rs 13,340 crore and revenues from oil & gas more than tripled to Rs 2,937 crore as against Rs 1,864 crore in the corresponding period last year.