Refining, petrochem boost RIL net by 28%
Robust performance in refining and petrochemicals businesses helped Reliance Industries Ltd (RIL) clock a 28.1% year-on-year growth in net profit at Rs 5,136 crore for the third quarter of the current fiscal year. The company had a net profit of Rs 4,008 crore in the same period last year.
RIL’s turnover rose by about 6% to Rs 62,399 crore for the quarter ended December 31, 2010, against Rs 58,848 crore in the year-ago period, the company said in a statement.
“Reliance had another record quarter as both refining and petrochemical margins continued to improve and for certain products recorded historic levels,” chairman and managing director Mukesh Ambani said.
“Robust demand growth in home markets and highly competitive assets enabled Reliance to have industry leading operating rates and margins.”
RIL shares on Friday ended with a gain of 1.7% at Rs 986.5 on the Bombay Stock Exchange.
The company’s turnover for the nine-month period ended December 31, 2010 rose by 31% to Rs 183,368 crore, with higher sales volumes and increased prices each accounting for over 15% of revenue growth. Exports for the nine-month period rose 29.2% to R100,995 crore.
Commenting on other businesses, RIL said its subsidiary Reliance Retail continued to expand presence of its specialty formats, as well as its various joint ventures, during the quarter.