'Reliance Inds performed commendably in Q3', Mr. Ambani, CMD

22 Jan '09

8 min read

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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