Firm energy prices continued to bolster the price uptrend across the polyester chain during the quarter. PX-Naphtha margins surged 45 per cent q-o-q ($487/MT) backed by firm upstream and downstream markets. Supply remained tight due to planned/unplanned maintenance and delayed shipments from the new start-up capacities. RIL benefited from its recent expansion of PX and MEG capacity at Jamnagar.
"Our company delivered robust operating and financial results for the quarter despite macro headwinds, with strong growth in earnings on y-o-y basis. Our integrated refining and petrochemicals business generated strong cash flows in a period of heightened volatility in commodity and currency markets. Our world-class petrochemicals assets contributed record earnings; endorsing benefits of diversified feedstock, integration and superior product portfolio. Use of ethane feedstock at Nagothane cracker from this quarter has further enhanced feedstock optionality," Mukesh D Ambani, chairman and managing director, Reliance Industries Limited, said.
RIL continues to benefit from upcycle in the polyester chain. Fibre intermediate production during the second quarter of FY19 surged 16 per cent y-o-y to 2.8 MMT while polyester production increased 4 at 0.74 MMT.
Polyester chain benefited from margin and volume expansion in PX & PTA and domestic demand and volume growth in downstream polyester business. This led to overall margin expansion in polyester chain. However, this was partly offset by softer margins in polymers led by higher feedstock prices (naphtha and ethane).
RIL’s polymer production was up by 19 per cent driven by start-up of state-of-the-art ROGC complex and reliable operations from all the other assets. RIL continues to have leadership position in the domestic polymer market.
Reliance Trends crossed the milestone of 500 stores during the quarter and now operates 509 Trends and Trends extension stores. There was implementation of various omni-channel initiatives across network of Trends stores continues as per plan. Over 100 stores were integrated for fulfilment of orders received through online channel. Trends has operationalised kiosks across 465 stores to serve customers with sizes / options that are not readily available at stores. This would capitalise on the opportunity to bring offline customers to its online channel and also drive superior customer satisfaction. (RR)
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