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Reliance net up despite Hazira woes

Reliance's net profit rose to Rs 2,709 crore in the second quarter ending Sep up from Rs 2,481 crore last year.

india Updated: Oct 19, 2006 21:16 IST

Mukesh Ambani's Reliance Industries Ltd said on Thursday its quarterly net profit rose 9.2 per cent as better petrochemicals margins outweighed a fall in refining margins and the partial closure of its key petrochemical complex.

Reliance said its net profit rose to Rs 2,709 crore in the second quarter ending September, up from Rs 2,481 crore a year ago.

For the half year, Reliance said net profit rose 10 per cent from the same period last year to Rs 5,256 crore, the highest in the country's private sector, on a turnover of Rs 55,716 crore, which rose 30 per cent.

"I am happy with RIL's performance considering the challenges faced by us due to the volatility both in crude and product prices along with the natural calamity faced by us at our Hazira plant," Chairman Mukesh Ambani said in a statement with results announced after stock exchanges closed for the day.

"The company's production of oil and gas and petrochemicals, including toll conversion, increased by 14 per cent from 6.54 million tonnes to 7.48 million tonnes," Reliance said.

Brother Anil Ambani-controlled Reliance Energy Ltd posted a 17 per cent increase in profit after tax at Rs 186.39 crore for the quarter ended September 30, as compared to Rs 159.57 crore in the year-ago quarter.

Total income rose to Rs 1,583.70 crore for the second quarter in 2006-07, up 36 per cent from Rs 1,161.36 crore in the year-ago period.

First Published: Oct 19, 2006 21:16 IST