New Delhi, Jan 22 (IANS) Reliance Industries Ltd (RIL) posted a net profit of Rs.4,008 crore (Rs.40.08 billion/$868 million) in the quarter that ended Dec 31, on the back of higher revenues from its refining and gas business, to register a 14.48 percent rise from the Rs.3,462 crore in the same quarter last fiscal.
RIL also saw net sales increase 89.7 percent to Rs.57,364 crore from Rs.30,227 crore in the corresponding quarter last fiscal, according to a company statement.

The figures for the quarter and nine months ending Dec 31, 2008 have been re-worked and restated to consider the merger of Reliance Petroleum with RIL, it added.

The company’s refining business rose to Rs.48,000 crore in the quarter from Rs.19,763 crore in the previous corresponding period, while the oil and gas segment revenues grew to Rs.3,530 crore, compared to Rs.1,031 crore in the third quarter.

“The increase in EBIT reflects the impact of oil and gas production from KG D6 (Krishna-Godavari hydrocarbon basin),” said the company on the gas segment’s improved performance.

“Reliance is well poised to benefit from the improving global economic environment and domestic markets opportunities,” said RIL chairman and managing director Mukesh Ambani.

Earnings per share for the quarter under review was Rs.12.30.

During the nine-month April-December period, RIL’s net profit fell marginally by 1.3 percent to Rs.11,526 crore, compared to Rs.11,682 crore posted during the earlier corresponding period.

Gross refining margin stood at $5.9 per barrel for the quarter ended Dec 31, and was $6.2 per barrel during the first nine months this fiscal.

Revenues from the company’s petrochemical business grew at 16.9 percent to Rs.14,756 crore from Rs.12,621 crore in the third quarter of 2008-09.

For the nine-month period in the petrochemical business, decrease in prices accounted for 17.3 percent reduction in revenues, which however was offset by higher volumes that accounted for 9.8 percent revenue growth.

RIL is attempting to buy a controlling stake in bankrupt petrochemical and refining major LyondellBasell Industries, and has raised more than $2 billion since September to support the takeover bid for the Luxembourg-based company.

Shares of the company were ruling 0.25 percent higher at Rs.1,056.40 around 1.28 p.m. It had earlier climbed to Rs.1,070, around noon.