Reliance Industries net up 6.1 percent (Lead)

April 23rd, 2010 - 9:09 pm ICT by IANS  

Mumbai, April 23 (IANS) India’s largest private sector company Reliance Industries (RIL) Friday reported a 6.1 percent increase in net profits at Rs.16,236 crore ($3.6 billion) for the fiscal ended March, compared to Rs.15,309 crore in the previous fiscal.
The company’s total income rose by 37 percent at Rs.200,400 crore during the period under review from Rs.146,328 crore in 2009-10, said an RIL statement.

For the last quarter ended March, net profit rose 29.9 percent to Rs.4,710 crore while total income during the period grew 124.9 percent to Rs.60,267 crore.

“The successful completion of the upstream and refinery projects has realized the aspirations of all our stake-holders. We continue to seek growth opportunities within India and globally to accelerate further value creation,” said RIL chairman Mukesh Ambani.

However, the refining business, which is one of the main revenue streams for RIL, saw a dip in profits.

Gross refining margin stood at $6.6 per barrel for the whole fiscal while it was $7.5 for the quarter ending March, still below market expectations of around $9 per barrel.

While revenue from the refining and marketing segment increased by 51 percent to Rs.163,249 crore, net profit was offset to an extent of 16 percent due to lower prices.

Revenues from its gas business were up mainly due to its Krishna Godavari gas block. Gas production from the block has been up to 60 million units.

The petrochemicals business saw earning grow with profit margins improving to 15.5 percent.

“The year ended March 31, 2010 was one of the best periods for petrochemicals segment with EBIT (earnings before interest tax) of Rs.8,581 crore on a revenue of Rs.55,251 crore,” said an RIL statement.

The results were declared after the close of the stock markets. The RIL scrip ended Friday at Rs.1,087.35, up 1.1 percent.

The board of the company has recommended a dividend of Rs.7 per share which would result in a payout of Rs.2,430 crore. RIL has Rs.21,874 crore in cash and equivalent securities.

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