RIL Q4 net zooms 32%, as revenue dips | business | Hindustan Times
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RIL Q4 net zooms 32%, as revenue dips

business Updated: Apr 16, 2013 22:41 IST
HT Correspondent
HT Correspondent
Hindustan Times
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Led by robust margins in its oil refining business, Reliance Industries Ltd (RIL) on Tuesday reported a 32% increase in its net profit for the fourth quarter of financial year 2012-13 at R5,589 crore as against R4,236 crore in the corresponding year of the previous fiscal.

However, the company’s turnover for the January to March quarter was down 1.4% at R86,618 crore as against R87,833 crore a year ago.

On a year-on-year basis, RIL's net profit for 2012-13 stood at R21,003 crore as against R20,040 crore in 2011-12, an increase of 4.8%. The company’s turnover for the whole year was up 9.2% at R3,71,119 crore against R3,39,792 crore a year ago.

“Reliance has delivered another year of strong operating performance in an environment of continued volatile economic conditions,” said Mukesh Ambani, CMD, Reliance Industries.

“The growth in earnings was largely driven by strong and improved refining margins during the year,” he said.

RIL announced that along with British Petroleum, it was planning investments “in excess of $5 billion” in a series of projects that will enhance gas production at KG-D6, India’s largest gas producing field.

“We are working on projects that form the foundation of our aspiration to become one of the world's most competitive producers of petroleum and petrochemical products while developing consumer centric businesses in India,” Ambani said.

RIL accomplished a major milestone as its revenues from the retail business crossed R10,000 crore in 2012-13 at R10,800 crore, up 42% year-on-year.

“We are delighted at our retail business crossing R10,000 crore (revenue)... and will further strengthen our position,” Ambani said.

The company said that despite challenging macro-economic conditions, it witnessed strong same store sales growth ranging from 7% to 18% across format sectors over last year. “The company maintained its position of being the largest grocery retailer in the country,” RIL said.

RIL said it opened 184 new stores during the year. At the end of March 2013, the company operated over 1,450 stores in 129 cities across India.

On the company’s telecom plans, RIL said that its subsidiary Reliance Jio Infocomm Ltd (RJIL) has finalised key agreements with its technology partners, service providers, infrastructure providers, application partners, device manufacturers and other strategic partners for the project.

RJIL has also completed the detailed planning for pan-India implementation of the Infrastructure needed for the project. The key leadership talent required for the setting up of the business are also in place in the respective geographies.