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Reliance Industries net increases 3.6% in Q3FY17
Jan '17
In the three months ended December 31, 2016, India’s biggest private sector company Reliance Industries Ltd (RIL) posted a 3.6 per cent increase in net profit which grew to Rs 7,506 crore as against Rs 7,245 crore in the fiscal ago quarter. Consolidated revenue at the Mukesh Ambani led company surged 16.2 per cent to Rs 84,189 crore from Rs 72,513 crore.

In the third quarter of fiscal 2017, RIL said PX prices remained stable over the second quarter despite tight supply. Three consecutive contract settlements for October, November and December and an improved crude oil price situation provided stability to the PX market.

According to the company, the PTA industry witnessed healthy operational efficiencies supported by strong downstream demand and bullish sentiments in futures market and prices remained steady from the earlier quarter, thereby keeping stable upstream PX prices.

In case of MEG, prices during the reporting quarter surged 17 per cent over the prior quarter, driven by speculative buying, tight supply and robust demand from the downstream polyester markets.

Strong demand from end user segments improved fundamentals in the polyester market, while fabric trade witnessed 27 per cent growth quarter on quarter.

Fibre intermediate production in the third quarter remained stable year over year at 1.7 MMT, while polyester production output increased 9 per cent to 0.6 MMT.

RIL added that continued downstream restocking resulted in lower inventories and higher operating rates for polyester producers and operating rates of polyester fibre and yarn plants in China were in the range of 83-85 per cent during the quarter under review.

Polyester filament yarn prices improved by 8 per cent and staple fibre prices expanded 3 per cent over the earlier quarter.

“Demand for polyester fibre and yarn remained stable during the reporting period as polyester filament yarns demand remained healthy in shirting fabrics and circular knitting segments,” the company added.

The energy giant commissioned the first phase of the new PX project at Jamnagar, Gujarat, which has been built with crystallisation technology which is highly energy efficient and environment friendly.

Once the entire PX project is commissioned, RIL will become the world’s second largest PX producer. (AR)

Fibre2Fashion News Desk – India

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