Reliance Industries posts 24% jump in Oct-Dec quarter net profit

Jan 19 2013, 11:22 IST
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Mukesh Ambani (AP) Mukesh Ambani (AP)
SummaryRIL today reported a jump in its December quarter net profit to Rs 5,502 cr.

October-December quarter.

The twin refineries at Jamnagar can turn heavier grades of oil, which are typically cheaper, into high-value fuels.

The refining margin in the December quarter as only a shade better than USD 9.5 per barrel achieved in Q2 of current fiscal which the segment contributed Rs 3,523 crore to the EBITA.

The twin refineries with a total capacity of 62 million tons, processed 17.5 million tons of crude as compared to 17.6 million tons in Q2 of current year and 17.2 million tons in Q3 of last fiscal.

Segment revenues were up 13 per cent to Rs 86,641 crore.

"RIL's refining configuration, its inherent design advantages and complexity, its flexible business model and unique crude sourcing capability have all contributed towards it delivering best-in-class performance," the statement said.

Continuing fall in natural gas output at its flagship KG-D6 gas fields in the Bay of Bengal led to earnings from the oil and gas business drop by a massive 54.4 per cent to Rs 590 crore. Segment revenue dropped by 32.2 per cent to Rs 1,921 crore.

RIL said it has addressing the fall in KG-D6 output to about 21 million standard cubic meters per day, a third of the peak achieved in 2010, by upgrading production facilities and starting drilling in satellite fields around the main gas fields in the block.

The company reported a 10.2 per cent drop in earnings from its core petrochemical business at Rs 1,937 crore on lower production of ethylene and propylene.

Of its new business, turnover from retail grew 44 per cent to Rs 7,749 crore as the company continued to expand stores across the country.

It has over 1,400 stores in 129 cities.

RIL's subsidiary, Infotel Broadband Services (Infotel), which has won broadband spectrum in 22 circles or zones, is setting up a network using to usher the 4G revolution into India.

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Reliance Q3 profit jumps on better-than-expected refining margins

(Reuters) Indian conglomerate Reliance Industries Ltd posted its first profit increase after four quarters of declining returns, buoyed by improving margins in its core oil refining business.

Net profit climbed a greater-than-expected 24 percent in its fiscal third-quarter through December to 55.02 billion rupees ($1 billion), on net sales up more than 10 percent from a year earlier to 938.9 billion, Reliance said on Friday.

The company reported an average gross refining margin of $9.6

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