JOIN USRIL Q1 net profit up 18.9% to Rs 5,352 cr
Mukesh Ambani group's flagship company Reliance Industries (RIL) on Friday reported a net profit of Rs 5,352 crore for the quarter ended June 30, 2013, an increase of 18.9 per cent from the comparable quarter of previous fiscal at Rs 4,503 crore.
However, during the quarter under review, RIL's revenues fell by 4.6 per cent to Rs 90,589 crore as against Rs 94,927 crore in the corresponding quarter of previous fiscal, which the company ascribed to the twin effects of lower volume of 3.4 per cent and price by 1.2 per cent.
Exports increased by 3.2 per cent on year-on-year (YoY) basis to Rs 57,026 crore as against Rs 55,261 crore in the corresponding period of the previous financial year.
Commenting on the results, RIL Chairman Mukesh Ambani said: “Our performance this quarter reflects higher operating rates and embedded options in crude sourcing and product placement, given the size and scale of the refining business. The robust growth in petrochemical products demand augurs well for our biggest ever expansion programme.”
"We have invested $6 billion in US shale gas fields. And we have relinquished 3 blocks in India in Q1, FY2014,” he said, adding, “we are committed to invest for growth in India, for India.” He pointed out that retail business continues to make remarkable progress with a 53 per cent growth YoY in revenues to Rs 3,474 crore during the first quarter.
The company earned $8.4 on turning every barrel of crude oil into fuel -- known as gross refining margin (GRM) -- in the quarter under review as against $7.6 per barrel GRM in the year-ago period.
Although RIL Jamnagar refineries during the quarter processed 17.1 million tonnes of crude and achieved an average utilisation rate of 110 per cent, yet segment wise, its refining and marketing revenue decreased by 4.6 per cent to Rs 81,458 crore in Q1, FY2014 from Rs 85,383 crore in the corresponding period in previous fiscal.
Interest cost was higher at Rs 810 crore as against Rs 784 crore in the corresponding period of the previous year principally due to depreciation of the Indian rupee.