Reliance Industries Limited (RIL) reported its financial performance for the quarter/ nine months ended 31st December, 2013.
HIGHLIGHTS OF NINE MONTH’S PERFORMANCE
- Revenue (turnover) increased by 6.7% to ` 303,495 crore ($ 49.1 billion)
- Exports increased by 16.4% to ` 208,950 crore ($ 33.8 billion)
- PBDIT increased by 2.5% to ` 29,446 crore ($ 4.8 billion)
- Profit Before Tax increased by 7.1% to ` 20,525 crore ($ 3.3 billion)
- Cash Profit increased by 0.9% to ` 22,753 crore ($ 3.7 billion)
- Net Profit increased by 6.1% to ` 16,353 crore ($ 2.6 billion)
- Gross Refining Margin at $ 7.8 /bbl for the nine month ended 31st December 2013
HIGHLIGHTS OF QUARTER’S PERFORMANCE
- Revenue (turnover) increased by 10.5% to ` 106,383 crore ($ 17.2 billion)
- Exports increased by 11.3% to ` 74,495 crore ($ 12.1 billion)
- PBDIT decreased by 1.8% to ` 9,927 crore ($ 1.6 billion)
- Profit Before Tax increased by 2.1 % to ` 6,992 crore ($ 1.1 billion)
- Cash Profit decreased by 3.3% to ` 7,676 crore ($ 1.2 billion)
- Net Profit increased by 0.2% to ` 5,511 crore ($ 0.9 billion)
- Gross Refining Margin at $ 7.6 /bbl for the quarter
The Ministry of Petroleum and Natural Gas notified the Domestic Natural Gas Pricing Guidelines, 2014 for all domestically -produced gas, including conventional, shale, coal bed methane (CBM). These guidelines will be applicable from April 1, 2014.
In August 2013, RIL and BP announced a new gas condensate discovery off the east coast of India in the Cauvery basin. The discovery, in the deepwater block CY-DWN-2001/2 (CYD5), is situated 62 kilometers from the coast in the Cauvery Basin and is the second gas discovery in the block. RIL is the operator with 70% equity and BP has a 30% share. Well CYIII-D5-S1 was drilled in a water depth of 1,743 meters, to a total depth of 5,731 meters, with the primary objective of exploring Mesozoic-aged reservoirs.
In July 2013, RIL signed a Memorandum of Understanding with the Oil and Natural Gas Corporation (ONGC) to explore the possibility of sharing RIL’s infrastructural facility in the East Coast. In line with global practice of sharing infrastructure, the MoU aims at working out the modalities for sharing of infrastructure, identifying additional requirements as well as firming up the commercial terms.
In May 2013, 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 KG-D6-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 discovery, named ‘D55’, 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.
Click here to read full results