Reliance Industries announce 12.52% increase in Q2 net profit | business | Hindustan Times
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Reliance Industries announce 12.52% increase in Q2 net profit

business Updated: Oct 16, 2015 18:31 IST
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Reliance Industries Limited, on Friday, posted an increase in 12.52% Q2 net profit. (Reuters File Photo)

Reliance Industries (RIL) posted, on Friday, a 12.52% increase in consolidated net profit, at Rs 6,720 crore for the second quarter ending on September 30, 2015-16.

The company’s net profit was Rs 5,972 crore in the same period of 2014-15 fiscal.

In a BSE filing, RIL said its total income declined to Rs 70,901 crore during the quarter, compared to Rs 1,09,797 crore in the year-ago period.

The company’s expenses, it said, have declined to Rs 63,368 crore from Rs 1,03,003 crore.

RIL chairman and managing director Mukesh D Ambani said, “We achieved record levels of EBITDA and profits for the quarter, underscoring our ability to optimally utilise our assets across the value chain to leverage favourable market conditions.”

He said the refining business performance was notable, as it benefited from a combination of high utilisation levels, advantageous crude market opportunities and strong global fuels demand.

“Petrochemicals segment performance reflects strong volume growth, product mix improvement and lower energy costs. Reliance Retail achieved a milestone of Rs 5,000 crore quarterly turnover mark for the first time, reflecting continuing growth momentum in physical retailing,” he said.

Stating that the company maintained a rapid pace of construction activity during the quarter, Ambani said, “The company’s world-scale petcoke gasification facility and ethylene cracker complex remains on track for its planned 2016 start-up.”

“In Digital Services, we have substantially completed the network roll-out across the country and initiated the process of beta testing of our network and platforms.”

Reliance Industries Ltd (RIL) is the operator of world’s largest refining complex that can process low-grade crude and switch between fuels depending on market prices.