Reliance registers highest ever exports for first quarter

Reliance Industries Limited (RIL) reported its financial performance for the quarter ended 30th June, 2012. Highlights of the un-audited financial results as compared to the previous year are:

• Turnover increased by 8.1% to Rs. 94,926 crore ($ 17.1 billion) as compared to Q4 FY12 and 13.4% as compared to Q1 FY12.
• Exports increased by 7.7 % to Rs. 55,261 crore ($ 9.9 billion) as compared to Q4 FY12 and 6.8% as compared to Q1 FY12.
• PBDIT decreased by 2.3% to Rs. 8,651 crore ($ 1.6 billion) as compared to Q4 FY12 and 21.4% as compared to Q1 FY12.
• Profit before Tax remains flat at Rs. 5,433 crore ($ 1.0 billion) as compared to Q4 FY12 and decreased by 25.2% as compared to Q1 FY12.
• Cash Profit decreased by 3.1% to Rs.6,785 crore ($ 1.2 billion) as compared to Q4 FY12 and 24.7% as compared to Q1 FY12.
• Net Profit increased by 5.6% to Rs. 4,473 crore ($ 0.8 billion) as compared to Q4 FY12 and decreased by 21.0% as compared to Q1 FY12.
• Gross Refining Margin at $ 7.6 / bbl for the quarter ended 30th June 2012.

Corporate Highlights

• Reliance Industries Limited (RIL) has selected Irving, Texas based Fluor Corporation  to perform project management services for its projects being executed at its world scale Jamnagar refining and petrochemical complex on the west coast of India.
• The investment in the expansion of energy and petrochemicals projects represents one of the largest such investments globally. The proposed coke gasification facility is also among the largest such projects ever built.
• RIL has announced that it has selected Phillips66’s E-Gas technology for its planned gasification plants at Jamnagar. The planned gasification plants at Jamnagar will be among the largest in the world and will process petroleum coke and coal into synthesis gas utilizing the E-Gas technology. The synthesis gas will be used as feedstock for a new chemical complex and will fuel the refinery's existing gas turbine power generation units. Phillips 66 will license Gas technology to RIL and provide process engineering design and technical support gasification technology relating to the process area.
• The Government of India, by its letter of 02 May 2012 has communicated that it proposes to disallow certain costs which the PSC relating to Block KG-DWN-98/3 entitles RIL to recover. RIL continues to maintain that a Contractor is entitled to recover all of its costs under the terms of the PSC and there are no provisions that entitle the Government to disallow the recovery of any Contract Cost as defined in the PSC. The company has already initiated arbitration on the above issue.