Reliance Industries reports record revenues

Reliance Industries Ltd. (RIL), the flagship company of Reliance Group, India’s largest private sector enterprise, reported that its net profit for the third quarter of fiscal year 2012-2013 was Rs 5,502 crore (US$1,019,720), a 24% growth year-on-year. The company posted a record 9-month revenue amounting to Rs 284,500 crore (US$ 51.7 billion). Exports reached 179,581 crores (US$32.7 billion). RIL also reported the company’s highest ever quarterly refining earnings before interest and taxes (EBIT), which reached Rs 3,615 crore (US$958 million).
Highlights of RIL’s nine months performance include:
• Revenue (turnover) went up by 12.9% to Rs 284,500 crore (US$ 51.7 billion)
• Exports grew by 14.6% to Rs 179,581 crore (US$32.7 billion)
• PBDIT reached Rs 28,717 crore (US$ 5.2 billion)
• Profit Before Tax at Rs 19,164 crore (US$3.5 billion)
• Cash Profit amounted to Rs 22,561 crore (US$4.1billion)
• Net Profit amounted to Rs 15,414 crore (US$ 2.8 billion)
“RIL’s performance has improved in this quarter with margin expansion in petrochemicals and record earnings in the refining business. We are investing over Rs 100,000 crore (US$18.4 billion) by expanding our petrochemical capacities and adding value to our refining business. These investments will secure a significant change in RIL’s earning capacity on commissioning of these projects. It will also provide employment opportunity for thousands of young Indians and support India’s economic growth,” said Mukesh D. Ambani, chairman and managing director of RIL. (January 18, 2013)