Billionaire Mukesh Ambani's Reliance Industries Ltd (RIL), India's largest firm by market capitalisation, recorded a 14% rise in its net profit to Rs 5,376 crore in the quarter ended March 31.
The company made Rs 4,710 crore net profit in the fourth quarter of 2009-10. Sales rose to Rs 72,674 crore, against Rs 57,570 crore in January-March 2010.
For the full fiscal 2010-11, net profit was up 25% at Rs 20,286 crore year on year, and sales up 29% at Rs 248,170 crore.
RIL, which operates the world's biggest refining complex in Gujarat, saw gross refining margins in its fourth quarter inch higher to $9.20 per barrel from $9 in the previous quarter and $7.50 a year earlier.
Commenting on the results, Mukesh D. Ambani, chairman and managing director, RIL said global economic growth, emerging markets' demand and supply-side tightness led to recovery in refining margins and record petrochemical earnings.The company is expected to get $7.2 billion (R32,400 crore) during 2011-12 under its deal with BP, which is taking a 23% stake in 23 oil and gas blocks being operated by RIL in India.
Another $1.8 billion (Rs 8,100 crore) could come in this fiscal as performance payments from BP, depending on exploration success during the year.
{{/usCountry}}Another $1.8 billion (Rs 8,100 crore) could come in this fiscal as performance payments from BP, depending on exploration success during the year.
{{/usCountry}}Market experts and fund managers said the decline in output of gas from RIL's KG-D6 field in the Bay of Bengal eroded earnings from refining driven by a 20% surge in average crude oil prices in the quarter from a year earlier, and could constrain RIL's diversification plans.