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RIL Polyester Intermediates production grows by 3%
24
Jul '08
Reliance Industries Limited (RIL) reported its financial performance for the quarter ended 30th June, 2008.

Highlights of the un-audited financial results as compared to the previous period are:

• Turnover increased by 38% to Rs. 43,050 crore ($ 10.0 billion)

• Exports increased by 112% to Rs. 28,357 crore ($ 6.6 billion)

• PBDIT increased by 8% to Rs. 6,347 crore ($ 1.5 billion)

• Cash Profit increased by 8% to Rs. 5,486 crore ($ 1.3 billion)

• Net Profit increased by 13% to Rs. 4,110 crore ($ 955 million)

KEY BUSINESS DRIVERS:
• 36% growth in revenue was due to increase in prices and a 2% growth was in volumes. Exports were higher by 112% at Rs. 28,357 crore ($ 6.6 billion).

• Tapti block produced higher gas volumes of 1,133 MMSCM and 77,400 tonnes of condensate, registering a growth of 97% and 133% respectively over the corresponding period of the previous year.

• Panna-Mukta fields produced 321,600 tonnes of crude oil and 353 MMSCM of natural gas, a decrease of 30% and 27% respectively as compared to the corresponding period of the previous year. The decrease in production at Panna-Mukta was due to a shutdown in June'08 in the PPA process platform.

• The Jamnagar refinery processed 8.13 million tonnes of crude, a utilization rate of 98.5% as compared to 8.01 million tonnes of crude oil processed during the corresponding period of the previous year. Average refinery utilization was at 85.6% in North America, 83.7% in Europe and 83.5% in the Asia-Pacific region.

• Revenue for the refining & marketing segment increased by 46% from Rs 22,328 crore to Rs 32,587 crore (US$ 7.6 billion) mainly due to high product prices driven by high crude oil prices. Increase in prices accounted for 41% of growth in revenue while higher volumes accounted for 5%. Exports of refined products were at $ 5.7 billion. This accounted for 5.3 million tonnes of product volume as compared to 5.0 million tonnes for the corresponding period of the previous year.

• Production of petrochemical products increased from 4.8 million tonnes to 5.0 million tonnes, an increase of 4%.

• Consumption of raw materials increased by 75% from Rs 19,174 crore to Rs 33,527 crore ($ 7.8 billion) mainly on account of higher crude and naphtha prices. Traded goods purchased decreased from Rs. 836 crore to Rs. 590 crore ($ 137 million) following the reduction in retail marketing of transportation fuels.

• The capital expenditure for the period was Rs. 7,215 crore (US$ 1.7 billion) primarily in oil and gas business.

COMMENTING ON THE RESULTS, MUKESH D. AMBANI, CMD, RELIANCE INDUSTRIES LIMITED SAID:
“At Reliance we continued to scale new peaks in financial performance despite challenging business environment including domestic inflation and weakening of the leading economies of the world. The sterling performance was made possible by our quality manufacturingassets and experienced, highly skilled people. We will play major role in India's energy security as we are focusing to be among the top leaders in the world in the oil and gas sphere. We are confident that the new growth drivers Oil and Gas, Organized retailing and Agro-Retail will take Reliance to a higher growth trajectory in the medium term.”

KEY BUSINESS UPDATE:

CORPORATE:
• RIL continues to be amongst the 30 fastest climbers in the 2008 list of Global Fortune 500 Companies. RIL's new rankings across various parameters were as follows:
o Rank 206 based on Sales
o Rank 103 based on Profits

• RIL has domestic credit ratings of AAA from CRISIL and FITCH. Moody's has reaffirmed Baa2 investment grade rating for RIL's international debt while S&P maintained its rating at BBB.

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