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RIL sees 37.1% rise in revenue from petrochemicals

17 Jan '19
2 min read

Reliance Industries Limited (RIL) has witnessed 37.1 per cent year-on-year increase in its revenue from the petrochemicals segment during the third quarter of fiscal 2019. The rise to Rs 46,246 crore is with improvement in price realisations and volumes primarily in polymer products and fibre intermediates. EBIT was totaled Rs 8,221 crore, up 42.9 per cent.

Strong volume growth and robust polyester chain margins offset the impact of weaker polymer margins. The annual volume growth was led by successful stabilisation of the world’s largest ROGC, its downstream units and new PX facility at Jamnagar.

"In our endeavour to consistently create more value for our country and stakeholders, our company has become the first Indian private sector corporate to cross ₹10,000 crore quarterly profits milestone. Competitive cost positions and integration benefits are core to our oil to chemicals (Refining and Petrochemicals) business, driving sustained performance even in challenging global business environment. I am proud to be part of the committed and talented team at Reliance that has helped achieve many milestones in our continuing growth journey," Mukesh D Ambani, chairman and managing director, Reliance Industries Limited said.

Reliance continues to benefit from integrated operations in the polyester chain. Chain margin declined marginally by 3 per cent quarter-on-quarter but continued to remain above the 5-year average.

For the reported period, polyester demand grew by 6 per cent, led by 11 per cent growth in filament demand and 6 per cent growth in PET demand. Staple fibre demand however declined 9 per cent due to tight liquidity in downstream and increased recycled PSF replacement. For third quarter, domestic demand for polyester remained weak due to cautious downstream buying.

RIL Fibre intermediate production during the reported period surged 14 per cent to 2.9 MMT. Polyester production declined 6 per cent at 0.7 MMT in view of planned plant maintenances.

In Fashion & Lifestyle, accelerated store opening continues with 100 new stores being launched during the quarter, extending its reach to serve customers across 25 new cities with latest and trendy fashion products. Trends Extension formats continue to receive overwhelming customer response driving strong revenue growth and enjoys an early mover advantage in small towns. 32 Trends Women, 19 Trends Small Town stores and 5 Trends Man stores are operational as on December 31, 2018, with plans to extend its reach covering newer geographies across the country. (RR)

Fibre2Fashion News Desk – India

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