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'Reliance Inds performed commendably in Q3', Mr. Ambani, CMD
22
Jan '09
Mr Mukesh Ambani, CMD, RIL
Mr Mukesh Ambani, CMD, RIL
Reliance Industries Limited (RIL) today reported its financial performance for the nine months period ended 31st December, 2008. Highlights of the un-audited financial results as compared to the previous period are:

• Turnover increased by 21.0% to Rs. 121,698 crore (US$ 25.0 billion)
• Exports increased by 27.5% to Rs. 75,804 crore (US$ 15.6 billion)
• PBDIT increased by 6.2% to Rs. 18,998 crore (US$ 3.9 billion)
• Cash Profit without exceptional items increased by 4.0% to Rs. 16,140 crore (US$ 3.3 billion)
• Net Profit without exceptional items increased by 3.4% to Rs. 11,733 crore (US$ 2.4 billion)

KEY BUSINESS DRIVERS:
• Increase in prices accounted for 22% of the growth in revenues with a 1% decrease in volume. Exports were higher by 27.5% at Rs. 75,804 crore (US$ 15.6 billion).

• RIL share in Tapti block production was 1,005 MMSCM of natural gas and 65,200 tonnes of condensate, registering a growth of 46% and 43% respectively over the corresponding period of the previous year.

• RIL share in Panna-Mukta block production was 360 MMSCM of natural gas and 343,100 tonnes of crude oil, a decrease of 20% in each 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.

• RIL share in KG D6 block oil production was 91,269 tonnes of crude oil for the period under review. There is no crude oil production from 9th December'08 due to a rupture in a short pipe spool connected to the flare header in the FPSO.

• The Jamnagar refinery processed 24.2 million tonnes of crude, a utilization rate of 98% as compared to 23.7 million tonnes of crude oil processed during the corresponding period of the previous year. Average refinery utilization was at 83.2% in North America, 83.6% in Europe and 82.0% in the Asia-Pacific region.

• Revenue for the refining and marketing segment increased by 26% from Rs 72,057 crore to Rs 90,720 crore (US$ 18.6 billion) mainly due to high product prices driven by high crude oil prices. Increase in prices accounted for 25% of growth in revenue while higher volumes accounted for 1%. Exports of refined products were at US$ 12.5 billion. This accounted for 16.2 million tonnes of product as compared to 16.4 million tonnes for the corresponding period of the previous year.

• Production of petrochemical products remained flat at 14.5 million tonnes.

• Revenue for the petrochemicals segment increased by 11% from Rs 38,880 crore to Rs 43,043 crore (US$ 8.8 billion), mainly due to high product prices driven by high crude oil and naphtha prices. Increase in prices accounted for 17% of growth in revenue with a 6% decrease in volume.

• Consumption of raw materials and purchase of traded goods increased by 28% from Rs 69,445 crore to Rs 89,113 crore (US$ 18.3 billion), mainly on account of higher crude and naphtha prices.

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