Mukesh Ambani owned Reliance Industries Limited (RIL), India’s largest private sector enterprise and second largest in terms of market valuation, has recorded the highest ever quarterly financial performance for the period ending 30th June. While the turnover for RIL increased by a staggering 37.2% to Rs. 83, 689 crore, the net profit saw a surge of 16.5% to Rs. 5,661 crore.
The turnover for the Mukesh Ambani led conglomerate saw an incline in almost all aspects, including gross turnover (up by 37.2%), exports (up by 57.5%), PBDIT (up by 9.3%), Profit before Tax (up by 20.3%), cash profits (up by 5.5%), net profit (up by 16.7%), gross refining margin ($ 10.3/ bbl). The PBIT received the highest ever level of Rs. 11,005 crore, equivalent to $ 2.5 billion, while earnings per share (EPS) leveled at Rs. 17.3 as against Rs. 14.8 last year during the same quarter.
Mukesh Ambani, in his statement noted that the growth in financial and operating results was a derivative of ‘strong refining margins and sustained performance in petrochemicals businesses’. RIL heads one of world’s largest refining complexes in Jamnagar, Gujarat and encountered an increase of 11.9%, from $9.2/bbl in previous quarter to $ 10.3/bbl in the quarter ending 30th June 2011. RIL processed 17 million tonnes of crude and achieved its highest ever utilization at 110%, as compared to the global average of 83.3%.
“We remain committed towards investing in India and have commenced the investment program in the petrochemical business,” stated Chairman Mukesh Ambani on the favorable turn of the last quarter.
This break-through comes at an opportune time as RIL gets its much acclaimed RIL-BP deal sanctioned from the cabinet. It has made successful natural resource discovery in Cauvery – Palar region, slated to parallel the success of its KG-D6 gas basin off the coast of Andhra Pradesh. Reliance Industries is currently in the process of developing technically advanced processes for its consumer based operations including retail and broadband, where RIL is expected to emerge as a strong-arm leader in the coming years.