RIL Q4 net jumps 30% to Rs 4,710 cr

RIL Q4 net jumps 30% to Rs 4,710 cr

Turnover more than doubles to Rs 60,267 crore

RIL Q4 net jumps 30% to Rs 4,710 cr

Mukesh Ambani

Reliance posted its second straight increase in quarterly profit at Rs 4,710 crore as opposed to Rs 3,955 crore in the year-ago period, the company said in a statement here.

India’s largest listed conglomerate with interests in petrochemicals, refining, oil and gas exploration, and retail, saw turnover cross the Rs 200,000 crore-mark for the first time. It soared 37 per cent to Rs 200,400 crore in 2009-10 fiscal. Net profit for the year was up 6 per cent at Rs 16,236 crore.

Reliance, controlled by Asia’s richest man Mukesh Ambani, acquired shale gas assets in the US from Atlas Energy Inc this month after two failed attempts to buy overseas firms.
“We completed a transformational year at Reliance. We continue to seek growth opportunities within India and globally to accelerate further value creation,” Ambani said.
Turnover more than doubled to Rs 60,267 crore in the fourth quarter fueled by increased output from its eastern offshore KG-D6 block. Two fields in the prolific block are producing more than 60 million standard cubic meters per day, making it the largest gas producer in the country. Revenues from gas sales jumped near five-fold to Rs 4,318 crore. Pre-tax profits were 29.2 per cent of the total.

Reliance said the fields now have design capacity to flow at least 80 mmscmd but customers for only 69 mmscmd has been identified by the government. Its twin refineries at the largest oil refining complex in the world, however, earned US$7.5 for turning every barrel of crude oil into fuel, lower than US$9.9 per barrel gross refining margin (GRM) in January-March quarter of 2008-09.

Pre-tax profit from refining fell to 5.2 per cent to Rs 1,986 crore. This earning made up for 34 per cent in the total profit as compared with 49 per cent a year earlier.

The twin units with a capacity of 1.24 million barrels per day, processed 16.7 million tons of crude oil - nearly 108 per cent of their capacity, to push revenues from refining by 164.7 per cent to Rs 51,250 crore. In the full year, it earned a GRM of US$6.6 per barrel, almost half of US$12.2 per barrel in FY’09.