Reliance Industries Limited posts 18.9% profit rise in Q1 of FY 2013-2014
Mumbai, July 19 (IBNS): Riding on the gains of from its refining business, Indian energy behemoth Reliance Industries Limited (RIL) on Friday registered a 18.9 per cent jump in its first-quarter net profit to stand at Rs 5,352 crore.
The net sales of the company, however, dropped by 4.6 percent to stand at Rs 90,589 crore.
The company, which runs the world's biggest refining complex, said its exports increased by 3.2 percent to Rs. 57,026 crore.
The Gross Refining Margin of RIL rose to $ 8.4 /bbl for the quarter ended 30 th June 2013 against $7.6 in the same period last year.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, RIL, said: "Reliance achieved strong results during the first quarter of FY 2013-14, while investing in projects that will provide sustainable advantage for a longer period. Our performance this quarter reflects higher operating rates and embedded options in crude sourcing and product placement, given the size and scale of the refining business."
"Robust growth in petrochemical products demand augurs well for our biggest ever expansion programme. Retail business continues to make remarkable progress and registered a 53% growth in revenues during the first quarter. At Reliance, we are committed to invest for growth in India, for India," said the richest man of India.
RIL and its partners BP and NIKO announced a significant gas and condensate discovery in the KG D6 block off the eastern coast of India. The KGD6-MJ1 well was drilled in a water depth of 1,024 metres - and to a total depth of 4,509 metres - to explore the prospectivity of a Mesozoic
Synrift Clastic reservoir lying over 2,000 metres below the already producing reservoirs in the D1- D3 gas fields.
The company said the discovery, named 'D-55', has been notified to the Government of India (GoI) and the Management Committee of the block. This discovery is expected to add to the hydrocarbon resources in the KG D6 block.
Appraisal will now commence to better define the scale and quality of the field, RIL said.
"In oil and gas, we have capex approval for 2013-14, which will allow us to do everything to stabilise production at D6," Alok Agarwal, joint chief financial officer, said.
He said for any new development, it will take at least three years to start production. "It's a long cycle," he said.
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