Reliance Industries net profit up 14 percent

April 21st, 2011 - 7:52 pm ICT by IANS  

New Delhi, April 21 (IANS) India’s largest private sector firm Reliance Industries (RIL) Thursday reported a 14.1 percent rise in net profit at Rs.5,376 crore for the quarter ended March 31, lower than what analysts expected.

It had logged net profit at Rs.4,710 crore in the year-ago period.

The total income of the company rose 24.9 percent to Rs.75,283 crore for the quarter under review, RIL said in a statement after the stock markets closed.

For the whole of 2010-11, net profits increased 24.9 percent to Rs.20,286 crore, as against Rs.16,236 crore in 2009-10.

Net sales of the Mukesh Ambani-led oil-to-retail group, also rose in the last fiscal to Rs.265,811 crore from Rs.203,740 crore in 2009-10.

Margins from the refining business, one of the major revenue segments of the company rose at a modest rate. The gross refining margin for the fiscal 2010-11 was $9.2 per barrel, compared to $7.5 barrel a year.

The dip came due to a planned shut down of a unit at its Jamnagar refinery.

Revenues from its gas business were not very encouraging with sales being recorded at Rs.4,104 crore for the entire fiscal, compared to Rs.4,318 crore in 2009-10.

The RIL stock closed 1.39 percent up at Rs.1,039.95 at the Bombay Stock Exchange.

The company announced a dividend of Rs.8 per fully paid up equity share of Rs.10 each aggregating Rs.2,772 crore.

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