Polyester chain production at RIL climbs 10% in 2018-19

Intermediates tracked the volatility in the energy markets during 2018-19. PX price was higher by 25 per cent; pushing margins up by 38 per cent to $479/MT. PTA prices were up 27 per cent tracking firm PX prices and PTA futures. PTA margins improved sharply by 38 per cent to $ 181/MT. MEG markets remained sluggish with healthy supplies, adding to rising port inventories in China. During FY19, MEG prices declined by 8 per cent and margins declined by 23 per cent to $417/MT with higher feedstock prices.

"During 2018-19, we achieved several milestones and made significant strides in building Reliance of the future. Reliance Retail crossed Rs 100,000 crore revenue milestone and our petrochemicals business delivered its highest ever earnings. I am proud of the entire Reliance team; their hard work and dedication has laid the foundation for these achievements and many more to come. The company has delivered record consolidated net profit of Rs 39,588 crore for the year in a period of heightened volatility in the energy markets. I am delighted to highlight that our company has more than doubled its PBDIT in last five years to Rs 92,656 crore – establishing a global benchmark for value creation. Commenting on the results, Mukesh D Ambani, chairman and managing director, Reliance Industries Limited, said.

In 2018-19, RIL achieved a consolidated revenue of Rs 622,809 crore, an increase of 44.6 per cent as compared to the previous year. Increase in revenue is primarily on account of higher realisation for Refining & Petrochemical products with a 22 per cent increase in average Brent Crude Price. Higher volumes with stabilisation of new petrochemical facilities also contributed to revenue growth.

RIL’s polymer production was up 18 per cent in FY19 to 5.8 MMT with consistent operations of ROGC and operational excellence across manufacturing facilities. RIL continues to maintain its position as a leader in the domestic market with an integrated supply chain, agility in operations and feedstock flexibility. Reliance Retail delivered a record breaking performance in revenue and profits growth for 2018-19. Segment revenues for FY19 grew by 88.7 per cent.

"Focus on service and customer satisfaction led to higher numbers of subscribers and footfalls across our consumer businesses, driving robust revenue growth. Our endeavour is to create better experiences for our customers, leading to a better shared future," concluded Ambani. (RR)

Fibre2Fashion News Desk – India