Reliance Industries' second quarter consolidated profit rose 12.5% to a record $1 billion, boosted by a record high refining margins. The company's refineries earned $10.6 per barrel of crude processed, the highest in seven years, as against $8.3 a year earlier. RIL's gross profit increased 6.4% to a record $1.9 billion, as per a company release.
RIL's Q2FY16 revenues declined 33.8% to $11.5 billion as the benchmark oil prices declined by half in the last one year. The refining and marketing business, which accounts for the chunk of RIL's revenues, decreased 41.3% to $9.3 billion, but gross profit from this segment increased 42% to a record $ 800 million. Petrochemicals, the second biggest contributor to revenues, declined 20% to $3.2 billion in the second quarter through September from a year earlier while revenue from retail increased 22.2% to £509.1million, also a milestone for the company. Its revenue from oil & gas business declined 31% to £206.7 million. Lower oil prices and decline in gas production from KG-D6 block impacted the revenues of its domestic exploration and production business by 15.5%.
