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Production of fibre intermediates up in H1– RIL
17
Oct '11
Reliance Industries Limited (RIL) reported its financial performance for the quarter / half year ended 30th September, 2011.

Highlights of Half Year's Performance
- Turnover increased by 36.0% to Rs. 164,479 crore ($ 33.6 billion)
- Exports increased by 52.2% to Rs. 101,872 crore ($ 20.8 billion)
- PBDIT increased by 9.0% to Rs. 21,950 crore ($ 4.5 billion)
- Profit Before Tax increased by 19.6% to Rs. 14,581 crore ($ 3.0 billion)
- Cash Profit increased by 4.6% to Rs. 17,828 crore ($ 3.6 billion)
- Net Profit increased by 16.3% to Rs. 11,364 crore ($ 2.3 billion)
- Gross Refining Margin at $ 10.1/bbl for the quarter and $ 10.2/bbl for the half year ended 30th September 2011

Reliance Industries Limited (RIL) announced a rich gas and condensate discovery in the very first well drilled in the block CY-PR-DWN-2001/3(CYPR-D6) located in deepwater Cauvery-Palar basin. The block with an area of about 8600 sq km was awarded to RIL under the bidding round of NELP-III. This is one of the exploration blocks where BP has 30% participating interest.

On 30th August 2011, RIL and BP announced the completion of BP's acquisition of a 30% stake in 21 oil and gas production sharing contracts (PSCs) that Reliance operates in India, including the producing KG- D6 block.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “Our first half financial performance has been consistent. The increase in profits was largely driven by improved performance in the refining and petrochemicals business. All our manufacturing facilities operated at record levels with refineries achieving operating rates of 110%. RIL has strong balance sheet and sustained earning base to pursue growth opportunities.”

RIL achieved a record turnover for the half year ended 30th September 2011 of Rs. 164,479 crore ($ 33.6 billion), an increase of 36.0% on a year-on-year basis. Increase in volumes accounted for 3.5% growth in revenue and higher prices accounted for 32.5% growth in revenue. Exports were higher by 52.2% at Rs 101,872 crore ($ 20.8 billion) as against Rs 66,936 crore in 1H FY10-11.

During the half year ended 30th September 2011, revenue for the Petrochemicals segment increased by 36.0% from Rs. 28,999 crore to Rs. 39,432 crore ($ 8.1 billion). Increase in volume accounted for 9.0% growth in revenue and increase of prices accounted for 26.9% growth in revenue.

This was the highest ever half-yearly EBIT for the petrochemicals business. EBIT margins for the half year ended 30th September 2011 were at 11.8% as compared to 14.7% in the corresponding period of the previous year due to base effect of higher revenues. On a trailing quarter basis, EBIT margins reduced due to higher depreciation on account of capitalization of exchange difference.

The production, from Crackers of ethylene increased by 17% to 929 thousand tonnes while the production of propylene increased by 15% to 382 thousand tonnes as compared to the corresponding period of the previous year. This was due to cracker turnaround at Hazira, Nagothane and Gandhar manufacturing sites during the corresponding period of the previous year. Polymer (PP, PE and PVC) production increased by 11% to 2.2 million tonnes.

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