Reliance Industries’ Q1 net up 19% on high refining margins
21 July 2013 5:13 AM IST
Reliance Industries on Friday reported a 19 per cent jump in its April-June quarter net profit at Rs 5,352 crore on back of higher refining margins.
Net profit in the first quarter of 2013-14 at Rs 5,352 crore was 18.9 per cent higher than profit of Rs 4,503 crore in the same period a year ago, RIL said in a statement.
Revenue fell 4.6 per cent to Rs 90,589 crore on back of lower output from RIL's flagship KG-D6 gas fields.RIL earned $8.4 on turning every barrel of crude oil into fuel in the quarter as compared to $7.6 per barrel gross refining margin in the year-ago period. KG-D6 gas production fell 53 per cent to 49.2 billion cubic feet in Q1.
Performance in Q1, Ambani said, reflects 'higher operating rates and embedded options in crude sourcing and product placement, given the size and scale of the refining business.'
Robust growth in petrochemical products demand augurs well for our biggest ever expansion programme, he said adding retail has seen 'remarkable' progress with a 53 per cent growth in revenues in Q1 to Rs 3,474 crore.Sequentially, the company's performance was not good with a 4.2 per cent drop in net profit over Rs 5,589 crore profit in January-March quarter.
Debt soared to Rs 80,307 crore at the end of Q1, up from Rs 72,427 crore at the beginning of the fiscal. At quarter end, it had a cash pile of Rs 93,066 crore, making the company debt free on a net basis. Cash in hand increased from Rs 70,252 crore at the end of March.
Net profit in the first quarter of 2013-14 at Rs 5,352 crore was 18.9 per cent higher than profit of Rs 4,503 crore in the same period a year ago, RIL said in a statement.
Revenue fell 4.6 per cent to Rs 90,589 crore on back of lower output from RIL's flagship KG-D6 gas fields.RIL earned $8.4 on turning every barrel of crude oil into fuel in the quarter as compared to $7.6 per barrel gross refining margin in the year-ago period. KG-D6 gas production fell 53 per cent to 49.2 billion cubic feet in Q1.
Performance in Q1, Ambani said, reflects 'higher operating rates and embedded options in crude sourcing and product placement, given the size and scale of the refining business.'
Robust growth in petrochemical products demand augurs well for our biggest ever expansion programme, he said adding retail has seen 'remarkable' progress with a 53 per cent growth in revenues in Q1 to Rs 3,474 crore.Sequentially, the company's performance was not good with a 4.2 per cent drop in net profit over Rs 5,589 crore profit in January-March quarter.
Debt soared to Rs 80,307 crore at the end of Q1, up from Rs 72,427 crore at the beginning of the fiscal. At quarter end, it had a cash pile of Rs 93,066 crore, making the company debt free on a net basis. Cash in hand increased from Rs 70,252 crore at the end of March.
Next Story
