RIL net down 6.4% on petrochem slump

Mukesh Ambani-controlled Reliance Industries on Thursday reported a 6.4 per cent fall in net profit at Rs. 3,852 crore for the second quarter ended September compared to the year-ago period on lower exports and a fall in petrochemical industry profit margins.

Diversified RIL, the country’s highest valued in market capitalisation, said its total revenue rose 5.9 per cent to Rs 47,476 crore during the quarter from Rs 44,839 crore in the corresponding period a year ago. The company has interests in a vast range that includes textiles, petrochemicals, oil refining and exploration.

“The timely completion of the new SEZ (special economic zone) refinery and the deep water, oil and gas K-G D6 block and their safe and stable ramp-up are noteworthy accomplishments for the company. These projects have contributed meaningfully in RIL achieving a record level of profits despite the challenging business and economic environment,” Chairman Mukesh Ambani said.

While the company’s revenue from refining business grew nearly 9 per cent to Rs 39,564 crore, its revenue from petrochemicals stood at Rs 13,340 crore, down by 14.20 per cent.

Revenues from oil and gas, including exploration, development and production, more than tripled to Rs 2,937 crore as new projects yielded gains.