The gross refining margin (GRM), which is the difference between the total value of petroleum products coming out of an oil refinery (output) and the price of the raw material (input), is estimated to come in at $9 per barrel for the second quarter, down $1.4 per barrel q-o-q, tracking fall in benchmark GRMs, said Edelweiss.
Advertisement
While pre-tax profit from refinery business jumped 42.1 per cent to Rs 5,461 crore, earnings from petrochemical soared 7.2 per cent to Rs 2,531 crore. The company’s shale gas business in the USA also performed poorly during the quarter with a substantial decline in both turnover and profitability. Gross refining margin was $8.3 a barrel a year earlier and $10.4 in the preceding three months.
The company also announced that it will provide 4G services through its own LYF brand smartphones.
The company said it has substantially completed its network rollout across the country and the network is now being tested and optimised. “The smartphone range will offer superior features like voice over LTE (VoLTE), voice over Wi-Fi (VoWi-Fi), HD voice and HD quality video calling, thereby enabling users to experience a new digital life”, the company said in a statement. The device will be sold offline across India through multibrand outlets and Reliance digital stores.
“LYF phones will reach consumers across the country through one of the widest distribution and retail networks for smartphones”.
However, the firm clocked a 33.8 per cent decline in turnover at Rs 75,117 crore as compared to Rs 1,13,396 crore in the corresponding period of the previous year. As on 30th September 2015, Reliance Retail operated 2,857 stores across over 250 cities in India.
It posted a net profit of Rs 6,720 crore during the July-September period as compared to Rs 5,972 crore reported during the same period past year.
It said on Friday it had the network in place and had thousands of professionals testing the system, covering a million kilometres a day.
“The company assumes to ramp up its beta program in the coming few weeks to further optimize the network, before launching the operations commercially”.
Reliance Jio Infocomm (RJIL), which is planning to roll out 4G services by this year-end, has chose to brand its 4G LTE smartphones as LYF. “2016-17 is projected to be the first year of commercial operations for RJIL”, RIL said.
Advertisement
Anil and Mukesh Ambani: In a welcome move, the Ambani brothers – Mukesh Ambani and Anil Ambani, informed telecom department (DoT) about their proposal to share airwaves and offer 4G services in 10 key markets from December which is considered to be a giant step towards operating their telecom businesses together according to industry veterans.
