RIL Q3 net up 24% on improved margins
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Reliance Industries, the largest Indian company by market capitalisation announced a 24 per cent jump in its year-on-year net profit for the quarter ended December 2012 at Rs 5,502 crore on the back of a rise in its gross refining margin (GRM) which stood at $9.6/bbl and improved margins in the petrochemical business. During the quarter the company also saw its revenue rise by 10 per cent over the corresponding period last year to Rs 96,307 crore.
For the nine-month period of the current fiscal, RIL announced a net profit of Rs 15,414 crore which was lower than Rs 15,804 crore registered in the same period last year. The company however recorded a revenue of Rs 2,84,500 crore in the 9-month period which is up 12.9 per cent over that in the previous year.
The company has also witnessed a rise in its cash and cash equivalents which amounted to Rs 80,962 crore as on December 2012. While net capital expenditure towards projects for the nine- month period stood at Rs 13,396 crore the cash outflow on that account stood at Rs 7,423 crore. The company also witnessed a 14.6 per cent rise in its exports for the April-December period at Rs 179,581 crore.
The company's GRM has been on a steady rise over the last few quarters. While it stood at $7.6/ bbl in June 2012 rose to $9.5/ bbl in September and rose further to $9.6/ bbl in the quarter ended December 2012.
"RIL's performance has improved in this quarter with margin expansion in petrochemicals and record earnings in the refining business. We are investing over Rs 1,00,000 crore by expanding our petrochemical capacities and adding value to our refining business. These investments will secure a significant change in RIL's earning capacity on commissioning of these projects," said Mukesh D Ambani, chairman and MD, RIL.
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