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HindustanTimes Sat,20 Sep 2014

RIL’s Q2 profit falls 5.7% to Rs. 5,376 cr on dip in revenues

HT Correspondent, Hindustan Times  New Delhi, October 15, 2012
First Published: 20:25 IST(15/10/2012) | Last Updated: 01:26 IST(16/10/2012)

Hit by falling revenues from its oil and gas operations, Reliance Industries Ltd (RIL) on Monday announced a 5.7% year-on-year drop in net profit for the second quarter of the current fiscal at Rs. 5,376 crore as against Rs. 5,703 crore in the corresponding period of the previous year.

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The company’s net sales for the July-September quarter, however, rose 15% to Rs. 90,335 crore against Rs. 78,569 crore in the corresponding period of the previous fiscal.

Revenue from the company’s oil and gas business was down 36.7 % to Rs. 2,254 crore on back of fall in natural gas output.

A sharp decline in gas production from RIL’s KG-D6 fields had seen the company’s profit falling for four previous quarters in a row.

KG-D6 is India’s largest natural gas producing fields.

RIL’s refining margins also saw a fall in the second quarter. RIL said it earned $9.5 (Rs 504) on turning every barrel of crude oil into fuel in the quarter as compared to a gross refining margin (GRM) of $10.1 a barrel in the year ago period.

Commenting on the results, Reliance Industries chairman and managing director Mukesh Ambani said business and financial performance for the first half of FY 2012-13 has been satisfactory despite weakness in global economies and the resultant margin environment.


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