Home / Knowledge / News / Textiles / Reliance's FY17 revenue from petrochemicals up 12.2%
Reliance's FY17 revenue from petrochemicals up 12.2%
24
Apr '17
Courtesy: Reliance Industries
Courtesy: Reliance Industries
Increase in prices across polymers and polyester chain has contributed to Reliance Industries’ (RIL) FY17 revenue growth, which increased by 12.2 per cent year-on-year to Rs 92,472 crore ($14.3 billion). Petrochemicals segment EBIT increased by 27.5 per cent to Rs 12,990 crore ($2.0 billion), due to favourable product deltas and marginal volume growth.

For January-March 2017 quarter, revenue from the petrochemicals segment increased by 26.4 per cent year-on-year to Rs 26,478 crore ($4.1 billion), primarily due to increase in prices across all products, this was partially offset by lower volumes. Petrochemicals segment EBIT increased by 25.8 per cent to Rs 3,441 crore ($531 million), supported by favourable product deltas.

Commenting on the results, RIL chairman and managing director Mukesh D Ambani, said: “Operationally, we continue to scale new heights. RIL generated its highest ever annual profits at Rs 29,901 crore, registering a growth of 18.8 per cent on year-on-year basis. Refining and petrochemicals businesses achieved record levels of profitability, underpinned by our ability to access feedstock competitively from global markets, maintain high operating rates and place products in growth markets. With ongoing projects our portfolio will become significantly more robust and integrated, securing long-term profitable growth.”

“FY17 witnessed recovery in polyester chain deltas with firm stable demand, higher operating rates in China and lower inventory levels. In FY17, domestic polyester markets witnessed marginal growth of 3 per cent year-on-year. Strong textile demand and new applications are driving polyester demand growth and it continues to replace natural fibre,” the company said analysing the result.

During fourth quarter of FY17, PX prices firmed up quarter-on-quarter amidst healthy buying from downstream. Three consecutive contract settlements during the quarter and improved crude oil prices provided strength to PX market. Delta increased to $385/MT during the quarter on account of surge in PX prices.

PTA markets witnessed disciplined operation supported by stable downstream demand and bullish sentiments in futures market at the beginning of the quarter. Prices gained quarter-on-quarter tracking firm upstream PX prices. PTA – PX delta remained stable at $99/MT in 4Q FY17. Functional PTA units in China continued to operate above 85 per cent during the quarter.

MEG prices during the quarter surged 19 per cent quarter-on-quarter backed by tight supplies, unplanned outages and low inventories in Chinese ports. MEG delta over naphtha increased 24 per cent quarter-on-quarter to $541/MT and is above 5 year average delta, the company said.

Polyester market fundamentals witnessed strong demand prior to Lunar New Year holidays in China. Polyester producers kept plant utilisation rates high in order to maintain inventory for the peak season demand. Operating rates of polyester fibre and yarn plants in China were in the range of 82-84 per cent during January-March quarter.

Polyester filament yarn prices improved by 9 per cent and staple fibre prices gained 14 per cent quarter-on-quarter respectively. PFY delta continued to remain strong and was around 5 year average level. PSF market fundamentals remained stable amid tight supply and support from firm cotton prices. PSF delta surged to $210/MT, gain of 20 per cent quarter-on-quarter and is above 5 year average levels.

MEG production during quarter was lower due to scheduled plant shutdown at Dahej and cracker shutdown at Hazira. Fibre intermediate production during last quarter of FY17 gained 5.8 per cent year-on-year to 1.9 MMT while polyester output was marginally lower at 0.6 MMT. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: American Silk Mills

Textiles | On 18th Oct 2017

Sutlej Textiles adds American Silk Mills to its portfolio

Sutlej Textiles and Industries Ltd (STIL) has announced the...

Arvind Limited executive directors Punit Lalbhai (left) and Kulin Lalbhai explaining the project to Gujarat chief minister Vijay Rupani. Courtesy: Arvind Ltd

Apparel/Garments | On 18th Oct 2017

Arvind to set up mega apparel facility in Gujarat

Arvind Limited, one of India’s largest textile to retail...

Cotton stocks accumulating everywhere outside of China

Textiles | On 18th Oct 2017

Cotton stocks accumulating everywhere outside of China

Global cotton stocks outside of China are expected to rise by nearly...

Interviews View All

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Top executives
Textile industry

The foremost issue is bridging the skill gap

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
77.3%
No
13.6%
Skip
9.1%

Total Votes: 66

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
60.6%
No
28.8%
Skip
10.6%

Total Votes: 66

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
84.8%
No
10.6%
Skip
4.5%

Total Votes: 66

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
74.2%
No
12.1%
Skip
13.6%

Total Votes: 66


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search