Home / Knowledge / News / Textiles / RIL: satisfactory performance in refining & petrochem biz

RIL: satisfactory performance in refining & petrochem biz

21
Jan '12
Reliance Industries Limited (RIL) reported its financial performance for the quarter / nine months ended 31st December, 2011.

Highlights of Nine Months Performance
- Turnover increased by 37.4% to ` 251,958 crore ($ 47.5 billion)
- Exports increased by 55.2% to ` 156,753 crore ($ 29.5 billion)
- PBDIT increased by 1.8% to ` 30,952 crore ($ 5.8 billion)
- Profit Before Tax increased by 9.4% to ` 20,319 crore ($ 3.8 billion)
- Cash Profit decreased by 2.9% to ` 24,988 crore ($ 4.7 billion)
- Net Profit increased by 6.0% to ` 15,804 crore ($ 3.0 billion)
- Gross Refining Margin at $ 6.8/bbl for the quarter and $ 9.0/bbl for the nine months ended 31st December 2011

In terms of the arrangement with BP, Reliance Industries (RIL) and BP announced the incorporation of India Gas Solutions Pvt. Ltd., a 50:50 joint venture company which will focus on global sourcing and marketing of natural gas in India. The joint venture company will also develop infrastructure to accelerate transportation and marketing of natural gas within the country. India Gas Solutions Pvt. Ltd. will be funded with equal equity from BP and RIL.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “The global nature of our businesses and weakness in economic conditions resulted in reduced earnings in the quarter, particularly in our refining and petrochemicals businesses. Notwithstanding these challenges, Reliance has delivered reasonably robust results with high operating leverage. Our focus remains on enhancing shareholder value by leveraging an exceptionally strong balance sheet, operating top decile assets and investing prudently in future growth engines.”

PETROCHEMICALS BUSINESS
During the nine month ended 31st December 2011, revenue for the segment increased by 31.7% from ` 44,961 crore to ` 59,213 crore ($ 11.2 billion). Increase in volume accounted for 6.8% growth in revenue and increase of prices accounted for 24.9% growth in revenue. EBIT margins for the nine months ended 31st December 2011 were at 11.5% as compared to 14.9% in the corresponding period of the previous year due to base effect of higher revenues. On a trailing quarter basis, EBIT margins reduced across the olefins chain, the aromatics chain and in certain key chemicals.

On a 9 months basis, production of ethylene increased by 13% to 1.4 million tones while the production of propylene increased by 10% to 578 thousand tonnes. This was due to normalized production during the 9M FY12 period vis-à-vis cracker turnarounds at Hazira, Nagothane and Gandhar manufacturing sites during the corresponding period of the previous year. Polymer (PP, PE and PVC) production increased by 8% to 3.4 million tonnes.

Overall demand for polymer products improved by 3% mainly due to growth in the packaging sector and moulded products. Demand for PVC was higher by 6% mainly due to strong demandfrom the agriculture sector.


Must ReadView All

Pic: Shutterstock

Textiles | On 26th Jul 2021

Vietnam opens new rail freight link to Belgium on China-Europe line

Vietnam Railways (VNR) has added a new rail freight link from Vietnam ...

Pic: Shutterstock

Textiles | On 26th Jul 2021

UK launches consultation on scheme for trade with developing nations

The United Kingdom recently launched a consultation on new trading...

Pic: Shutterstock

Textiles | On 26th Jul 2021

Prime Content| Rising demand to positively impact Australian wool exports: TexPro

Australian wool exports are expected to grow in the current season...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Good tidings expected for textile industry

Textile Industry, Head honchos

Textile Industry
Head honchos

Main challenges are breakdown of supply chain and shrinkage of manpower

Textile Industry, Head honchos

Textile Industry
Head honchos

Fabric selection & recommendation based on client's brief

Kurt Wedgwood,

Kurt Wedgwood

From design to raw material to fabrication and ultimately to delivery -...

Simone Morgante,

Simone Morgante

Based out of Como, Italy, and with technological expertise of nearly 70...

Tony Naschberger,

Tony Naschberger

With production sites in Klagenfurt and Kufstein, Zimmer Austria is a...

Daniel Roxbury, University of Rhode Island

Daniel Roxbury
University of Rhode Island

Assistant professor Daniel Roxbury and former URI graduate student...

Sven Ghyselinck, Devan Chemical

Sven Ghyselinck
Devan Chemical

Headquartered in Belgium and with offices in the United Kingdom, Portugal...

Suresh Patel, Non Woven Federation of India

Suresh Patel
Non Woven Federation of India

The Non Woven Federation of India (NWFI), representing the regional...

Vidur Adlakha & Riccardo Bennidini, La Fuori

Vidur Adlakha & Riccardo Bennidini
La Fuori

With an active presence in US, Italy and India, clothing brand La Fuori...

Ramya Rao & Kavea R Chavali, Kalaneca

Ramya Rao & Kavea R Chavali
Kalaneca

<div>The journey of Kalaneca (kala-Art, Neca- Nikaah) formally began in...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Samatvam, a womenswear brand that blends age-old craftsmanship with modern ...

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

Leave your Comments


July 2021

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


Advanced Search