Global Apparel Market – An Overview | Watch NOW! | Ad
Home / Knowledge / News / Textiles / Reliance Industries net increases 3.6% in Q3FY17
Reliance Industries net increases 3.6% in Q3FY17
Jan '17
In the three months ended December 31, 2016, India’s biggest private sector company Reliance Industries Ltd (RIL) posted a 3.6 per cent increase in net profit which grew to Rs 7,506 crore as against Rs 7,245 crore in the fiscal ago quarter. Consolidated revenue at the Mukesh Ambani led company surged 16.2 per cent to Rs 84,189 crore from Rs 72,513 crore.

In the third quarter of fiscal 2017, RIL said PX prices remained stable over the second quarter despite tight supply. Three consecutive contract settlements for October, November and December and an improved crude oil price situation provided stability to the PX market.

According to the company, the PTA industry witnessed healthy operational efficiencies supported by strong downstream demand and bullish sentiments in futures market and prices remained steady from the earlier quarter, thereby keeping stable upstream PX prices.

In case of MEG, prices during the reporting quarter surged 17 per cent over the prior quarter, driven by speculative buying, tight supply and robust demand from the downstream polyester markets.

Strong demand from end user segments improved fundamentals in the polyester market, while fabric trade witnessed 27 per cent growth quarter on quarter.

Fibre intermediate production in the third quarter remained stable year over year at 1.7 MMT, while polyester production output increased 9 per cent to 0.6 MMT.

RIL added that continued downstream restocking resulted in lower inventories and higher operating rates for polyester producers and operating rates of polyester fibre and yarn plants in China were in the range of 83-85 per cent during the quarter under review.

Polyester filament yarn prices improved by 8 per cent and staple fibre prices expanded 3 per cent over the earlier quarter.

“Demand for polyester fibre and yarn remained stable during the reporting period as polyester filament yarns demand remained healthy in shirting fabrics and circular knitting segments,” the company added.

The energy giant commissioned the first phase of the new PX project at Jamnagar, Gujarat, which has been built with crystallisation technology which is highly energy efficient and environment friendly.

Once the entire PX project is commissioned, RIL will become the world’s second largest PX producer. (AR)

Fibre2Fashion News Desk – India

Must ReadView All

Sri Lanka reduces VAT on imported fabric to 5%

Textiles | On 24th Sep 2018

Sri Lanka reduces VAT on imported fabric to 5%

Considering the requests made by the stakeholders in the fabric...

E-com firms in India to deduct 1% TCS under GST from Oct 1

Apparel/Garments | On 24th Sep 2018

E-com firms in India to deduct 1% TCS under GST from Oct 1

E-commerce companies in India will have to deduct 1 per cent tax...

Courtesy: Andritz

Textiles | On 24th Sep 2018

'Strength of economy, demographics drive nonwovens demand'

The strength of the economy and demographic trends are the main...

Interviews View All

Top executives, Textile industry

Top executives
Textile industry

Defining MSMEs on the basis of turnover makes it simpler to do business

Sanjay Yagnik, Maa Tex Speciality

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Frank Gossmann, Rotorcraft AG

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Siddhachakra Weaving (Badiya Fashion),

Siddhachakra Weaving (Badiya Fashion)

Ahmedabad-based Siddhachakra Weaving Pvt Ltd was established in 2011 under ...

Hardik Sanghvi,

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Riddhi Jain,

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Silke Brand-Kirsch, Schlegel und Partner GmbH

Silke Brand-Kirsch
Schlegel und Partner GmbH

<div>Schlegel und Partner is the market research and consultancy company...

Pierre Wiertz, EDANA

Pierre Wiertz

EDANA, the international association serving the nonwovens and related...

Robin Grankvist, OrganoClick AB

Robin Grankvist
OrganoClick AB

Robin Grankvist talks about PFCs, additives and various chemicals used in...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Pranav Mishra, Huemn

Pranav Mishra

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Anisha Chaudhari, Threads & Shirts

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on

Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

September 2018

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

news category

Related Categories:

Advanced Search