RIL net up 28% at Rs 4,923 cr

Refining margins improve to $7.9 / bbl

RIL net up 28% at Rs 4,923 cr

Accordingly, RIL’s net profit in Q2 of current fiscal rose to Rs 4,923 crore from the Rs 3,852 crore in Q2 last year. During the same quarter, RIL has achieved a turnover of Rs 59,962 crore, which is an increase of 22.8 per cent over the comparable quarter of last fiscal at Rs 48,843 crore.

Earning per share (EPS) for the quarter rose to Rs 15.1 (against 11.8 in Q2’FY10). Commenting on the results, RIL Chairman Mukesh Ambani said, “Improved refining margins and high operating rates at all our manufacturing facilities led to a record quarter. We are focused on identifiying opportunities that leverage India’s unique demographic and market potential. In fact, RIL has struck three shale-gas joint ventures with US firms to date this year.

Further, RIL saw its revenues from sale of natural gas from its eastern offshore KG-D6 fields rise 46.5 per cent to Rs 4,303 crore. Its gross refining margins from twin refineries at Jamnagar in Gujarat rose to $7.9 per barrel of crude oil, up from $6 per barrel in the same quarter last fiscal. Consequently, RIL’s revenues from oil refining and fuel marketing businesses were up 25.5 per cent at Rs 49,672 crore.  However, petrochemical business showed a lower 13.2 per cent growth in revenues to Rs 15,096 crore in Q2’FY11.

During the six months period, April-September 2010, RIL has posted a net profit of Rs 9,774 crore, 30 per cent more than first half last year. Its turnover jumped by 48.8 per cent to Rs 120,969 crore in first half this year.  RIL’s outstanding debt as on September 30, 2010 stood at Rs 68,198 crore against Rs 62,495 crore as on March 31, 2010.

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