RIL (Reliance Industries Limited) rolled out its quarterly report that manifested its performance for Q1, June, 2012. Here we give an abstract of the same:
The quarterly revenue for the period recorded to be the highest ever accounting to Rs.94, 926crore($ 17.1 BILLION). The turnover has increased by 8.1% with respect to Q4 FY12 and13.4% as compared to Q1 FY12. It also had its exports mounting to 55,261 crore($ 9.9 billion) with a 7.7% rise in comparison to Q4 FY12 and 6.8% growth in comparison to Q1 FY12. The Profit before Tax remains unchanged at 5,433 crore($ 1.0 billion) as compared to Q4 FY12.The Net Profit also climbed to Rs.4, 473crore($ 0.8 billion) with a growth of 5.6% as compared to Q4 FY12. The Gross Refining Margin (GRM) accounts to $ 7.6 / bblfor this period. This was much higher than the expectations of many analysts offering reasons for the conglomerate to cheer.
Some crucial decisions and implementations have undoubtedly contributed to the growth that it exhibits, especially during a sluggish economy. This includes their opting for Irving, Texas based Fluor Corporation (NYSE: FLR) to streamline their project management services catering to Jamnagar refining and petrochemical complex that operates on an international scale. It pegged on Phillips66’s E-Gas™ technology for the Jamnagar gasification plants that are one among the leading ones in the world. In order to leverage the productivity of its international asset, Reliance Exploration and Production DMCC sold its Iraqi assets to Chevron Corp. It has also embarkedupon the expansionof its projects at Jamnagar, Silvassa, Hazira and Dahej in India by pulling in more finance to increase the amount of goods and services acquired from German suppliers. However, the three-weekshutdowns at one of its crude distillation plans meddled with its business, which was resolved in a little while.
Mukesh D Ambani, Chairman and Managing Director of RIL, stated that the conglomerate has successfully managed to increase its earnings by augmenting its profits from operations fuelled by an increase in the volume growth in the refining business. It has further paved way for increasing its capital investments in the petrochemical and refining sectors to boost the significance of this mainstay business of the company and increase its productivity from the same.