RIL Q4 net jumps 30 per cent to Rs 4,710 cr

New Delhi, Apr 23 (PTI) Energy major Reliance Industries
Friday posted a 30 per cent rise in net profit in
January-March quarter as higher gas output from KG fields
offset lower refining margins.
Reliance posted its second straight increase in quarterly
profit at Rs 4,710 crore as opposed to Rs 3,955 crore in the
year-ago period, the company said in a statement here.
India's largest listed conglomerate with interests in
petrochemicals, refining, oil and gas exploration, and retail,
saw turnover cross the Rs 200,000 crore-mark for the first
time. It soared 37 per cent to Rs 200,400 crore in 2009-10
fiscal.
Net profit for the year was up 6 per cent at Rs 16,236
crore.
Reliance, controlled by Asia's richest man Mukesh Ambani,
acquired shale gas assets in the US from Atlas Energy Inc this
month after two failed attempts to buy overseas firms.
"We completed a transformational year at Reliance. We
continue to seek growth opportunities within India and
globally to accelerate further value creation," he said.
Turnover more than doubled to Rs 60,267 crore in the
fourth quarter fueled by increased output from its eastern
offshore KG-D6 block. Two fields in the prolific block are
producing more than 60 million standard cubic meters per day,
making it the largest gas producer in the country.
Revenues from gas sales jumped near five-fold to Rs 4,318
crore. Pre-tax profits were 29.2 per cent of the total.
Reliance said the fields now have design capacity to flow
at least 80 mmscmd but customers for only 69 mmscmd has been
identified by the government.
Its twin refineries at Jamnagar, the largest oil refining
complex in the world, however, earned USD 7.5 for turning
every barrel of crude oil into fuel, lower than USD 9.9 per
barrel gross refining margin (GRM) in January-March quarter of
2008-09.
Pre-tax profit from refining fell to 5.2 per cent to Rs
1,986 crore. This earning made up for 34 per cent in the total
profit as compared with 49 per cent a year earlier.
The twin units with a capacity of 1.24 million barrels
per day, processed 16.7 million tons of crude oil - nearly 108
per cent of their capacity, to push revenues from refining by
164.7 per cent to Rs 51,250 crore.
In the full year, it earned a GRM of USD 6.6 per barrel,
almost half of USD 12.2 per barrel in FY'09. PTI ANZ
KAB


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