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RIL's net jumps 32% to Rs 5,589 crore

Last updated on: April 16, 2013 20:38 IST

RIL's net jumps 32% to Rs 5,589 crore

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Reliance Industries on Tuesday posted a 32 per cent jump in its fourth quarter net profit, the biggest rise in almost three years, as strong margins in its oil refining business helped offset fall in natural gas production.

RIL, which operates the world's biggest refining complex at Jamnagar in Gujarat, reported a net profit of Rs 5,589 crore (Rs 55.89 billion) in January-March as against Rs 4,236 crore (Rs 42.36 billion) in the same period a year ago.

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Image: Mukesh Ambani, chairman of Reliance Industries with his wife Nita Ambani (R) and mother Kokilaben Ambani (L).
Photographs: Danish Siddiqui/Reuters

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RIL's net jumps 32% to Rs 5,589 crore

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The better-than-estimated profit, the second consecutive quarter of increase after four quarters of decline, came on the back of rise in earnings from turning crude oil into petrol, diesel and other petroleum products.

RIL Chairman and Managing Director Mukesh Ambani said, "The growth in earnings was largely driven by strong and improved refining margins during the year."

RIL earned an average of $10.1 on turning every barrel of crude oil into fuel in the quarter as compared to $7.6 per barrel gross refining margin in the same period last year.

Sales, however, dropped 1.4 per cent at Rs 86,618 crore (Rs 866.18 billion).

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Photographs: Danish Siddiqui/Reuters

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RIL's net jumps 32% to Rs 5,589 crore

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Debt soared to Rs 72,427 crore (Rs 724.27 billion) at the end of Q4, up from Rs 68,259 crore (Rs 682.59 billion) at the beginning of the fiscal.

At quarter end, it had a cash pile of Rs 82,975 crore (Rs 829.75 billion), making the company debt free on a net basis.

Also, production at its shale gas ventures in North America rose and annual revenue from its retail business crossed Rs 10,000 crore (Rs 100 billion).

"We are working on projects that form the foundation of our aspirations to become one of the world's most competitive producers of petroleum and petrochemical products while developing consumer centric businesses in India," he said.


Image: Mukesh Ambani.
Photographs: Punit Paranjpe/Reuters

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