India: RIL Profit Climbs

Reliance Industries Limited (RIL)  reported its financial performance for the quarter /half year ended 30th September, 2013.

HIGHLIGHTS OF HALF YEAR’S PERFORMANCE

– Revenue (turnover) increased by 4.7% to  197,112 crore ($ 31.5 billion)

– Exports increased by 19.3% to  134,455 crore ($ 21.5 billion)

– PBDIT increased by 4.9% to 19,519 crore ($ 3.1 billion)

– Profit Before Tax increased by 9.9% to ` 13,533 crore ($ 2.2 billion)

– Cash Profit increased by 3.1% to 15,077 crore ($ 2.4 billion)

– Net Profit increased by 9.4% to 10,842 crore ($ 1.7 billion)

– Gross Refining Margin at $ 8.0 /bbl for the half year ended 30th September 2013.

HIGHLIGHTS OF QUARTER’S PERFORMANCE

– Revenue (turnover) increased by 14.2% to 106,523 crore ($ 17.0 billion)

– Exports increased by 34.9% to 77,429 crore ($ 12.4 billion)

– PBDIT increased to 9,909 crore ($ 1.6 billion)

– Profit Before Tax increased to 6,871 crore ($ 1.1 billion)

– Cash Profit decreased by 1.5% to 7,668 crore ($ 1.2 billion)

– Net Profit increased by 1.5% to 5,490 crore ($ 0.9 billion)

– Gross Refining Margin at $ 7.7 /bbl for the quarter ended 30th September 2013.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “RIL’s first half performance reflects the resilience of our business model in a period of volatility and uncertainty. Our diversified and integrated petrochemicals business captured margins across segments – delivering near-record profit levels even as the domestic economy slowed. Optimal utilization of best-in-class refinery assets and inherent flexibility in sourcing, product delivery contributed to healthy operating profits from our refining business. Retail business continues to break new ground, growing 41% in 1H FY14. Reliance’s ongoing counter-cyclical investments will strengthen our competitive position in each business segment.”

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LNG World News Staff, October 15, 2013; Image: RIL