Reliance Industries Q1 net profit down 11.5% on lower exports
July 24, 2009
India's largest private sector conglomerate Reliance Industries Ltd (RIL), said its first quarter net profit fell 11.5% mainly on lower exports and decrease in revenues.
For the quarter to end-June, RIL said its net profit declined to Rs36.4 billion from Rs41.1 billion while total revenues, including sales, fell almost 22.6% to Rs333.1 billion from Rs430.5 billion, same period last year.
RIL said decrease in prices accounted for 24.4% reduction in revenue, which were partially offset by higher volumes accounting for 1.8% growth in revenues. Exports, during the first quarter, also fell 38.5% to Rs174.3 billion, it added.
During the quarter, RIL said its gross refining margin stood at $7.5 per barrel.
"Timely completion with safe and stable start up of the new SEZ refinery and the deep-water, oil and gas KG D6 block are noteworthy accomplishments. These projects will not only play a significant role in shaping the future growth at RIL but more importantly will help change the energy landscape of India and the industry globally," Mukesh Ambani, chairman, RIL said in a statement.
RIL said the gas production from its KG D6 block in the Krishna Godavari basin has risen to around 30 million standard cubic metres a day.
During the quarter to June, total production from KG D6 was 1,733 million standard cubic metres of natural gas and 99,274 tonnes of crude oil, it said in a statement.
Before the results, RIL shares fell 1.2% on the Bombay Stock Exchange, while the benchmark Sensex rose 1% to 15,378 points. - Yogesh Sapkale[email protected]