RIL Q3 profit up 15.8 per cent at Rs 4,008 crore

High sales of natural gas and successful ramp-up of KG D6 strike fuel growth

RIL Q3 profit up 15.8 per cent at Rs 4,008 crore

 
Mukesh AmbaniDuring the quarter under review, Mukesh Ambani Group’s flagship company has achieved a turnover of Rs 58,848 crore as compared to Rs 30,537 crore in the quarter ended December 31, 2008.  Other income stood at Rs 508 crore as against Rs 663 crore in comparable quarter for which the company has not offered any official explanation.
 
RIL Chairman & Managing Director Mukesh Ambani said with its both key projects, the new SEZ refinery and KG D6 oil & gas development have ramped up successfully “Reliance is poised to benefit from improving global economic environment and domestic markets opportunities.” RIL’s turnover for 9-month period ended December 31, 2009 was Rs 140,133 crore, an increase of 17.2 per cent over the corresponding period of previous year at Rs 119,535 crore, while net profit dropped 1.33 per cent to Rs 11,526 crore as against Rs 11,682 crore in Q3’FY09.  

Other income for 9-months stood at Rs 1,845 crore as against Rs 1,040 crore due to higher interest income on account of average higher cash and cash equivalents.  Interest cost was higher at Rs 1,472 crore as against Rs 1,215 crore.  Basic EPS post-bonus for nine-months stood at Rs 35.3. Exports were higher by 6 per cent at Rs 78,182 crore or $ 16.8 billion as against $ 15.6 billion in the corresponding period of the last fiscal.

Share value

Shares of RIL gained over one per cent to Rs 1,070 on the BSE, despite a weak broader market. Reliance, which has made a bid to acquire bankrupt petrochemicals firm LyondellBasell Industries, said it had outstanding debt of Rs 70,008 crore as on December 31, 2009 and cash reserve of Rs 15,959 crore.

The company made it clear that results had been reworked and restated to include figures from Reliance Petroleum, which it absorbed last year.  Besides, this being standalone results of RIL, it does not include profit from sale of 1.50 crore equity shares of RIL by Petroleum Trust during the period.

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