India’s largest private sector firm, Reliance Industries, has posted a 13 per cent increase in quarterly profits at Rs 4,110 crore for the first quarter ended June 30, 2008, compared to Rs 3,630 crore posted a year ago period. The total revenues went up 38 per cent to Rs 43,050 crore.
Reliance's refining margins stood at $15.7 per barrel against the benchmark Asian Dubai crack margin of $8.
“We continued to scale new peaks in financial performance despite challenging business environment including domestic inflation and weakening of the leading economies of the world,” said Reliance Industries chairman Mukesh Ambani. “We are confident that the new growth drivers such as oil and gas, organised retailing and agro-retail will take Reliance to a higher growth trajectory in the medium term.”
RIL’s exports were increased by 112 per cent to Rs 28,357 crore. The Jamnagar refinery processed 8.1 million tonne of crude at an utilisation rate of 98.5 per cent during the period. Revenue for the refining and marketing segment increased by 46 per cent from Rs 22,328 crore to Rs 32,587 crore mainly due to high product prices driven by high crude oil prices. Increase in prices accounted for 41 per cent of growth in revenue while higher volumes accounted for 5 per cent, the company said.
RIL shares were up 1.81 per cent or Rs 41.05 to close at Rs 2,306.55 at the Bombay Stock Exchange on Thursday.