MOSCOW (MRC) --Oil & gas major Reliance Industries (RIL) has posted an 8.5 per cent rise in net profit at Rs 6,381 crore (over USD1 billion) for the quarter ended March 2015 as against Rs 5,881 crore profit a year ago, aided by the good performance in its core refining business, which posted its strongest margins in eight quarters, said Indianexpress.
Despite a 33.3 per cent fall in revenue, it reported the highest quarterly profit since it clocked Rs 8,079 crore net profit in Q3 of 2007-08. The firm’s gross refining margin rose to USD10.1 per barrel for the quarter ended March from USD9.3 per barrel a year ago. The refining segment recorded the highest ever quarterly pre-tax profit (EBIT) of Rs 4,902 crore, up 23.7 per year-on-year.
This helped offset a 6.8 per cent decline in EBIT in petrochemical business to Rs 2,003 crore and a 35.8 per cent slump in the same from oil and gas business to Rs 489 crore.
For the quarter ended March 2015, RIL achieved a turnover of Rs 70,863 crore, a decrease of 33.3 per cent, as compared with Rs 1,06,208 crore a year ago. The sharp fall in benchmark oil price of around 50 per cent was the key factor for the decline in revenue. RIL’s standalone net profit was up 10.8 per cent at Rs 6,243 crore.
RIL’s US shale gas business also saw a 23.1 per cent drop in EBIT to Rs 336 crore but the booming retail business saw per-tax profits jumping from Rs 24 crore in January-March 2014 to Rs 104 crore in the fourth quarter of 2014-15. Strong operating performance from the refining business and stable petrochemicals business performance led higher operating profits, RIL said.
As MRC informed earlier, Reliance Industries Ltd. (RIL) has successfully put into operation two plants in Dahej, Gujarat, India. The first is a polyethylene terephthalate (PET) resin plant, which consists of two lines with a combined manufacturing capacity of 650 KTA. The plant has been built with Invista technology for continuous polymerization and Buhler AG technology for solid state polymerization.
Reliance Industries is one of the world's largest producers of polymers. The company's polymer production in 2010-11 (polypropylene, polyethylene and polyvinyl chloride) made 4,094 kilo tonnes.
MRC