Reliance Industries on Thursday announced its earnings with a consolidated profit at Rs. 9,108 crore, partly driven by one-time gain of Rs. 1,087 crore. The multinational announced its consolidated revenue, which declined 2.5 percent to Rs. 90,537 crore from Rs. 92,889 crore on sequential basis. The company announced its financial performance in refining, where the margins stood at USD 11.9 a barrel for the quarter. However, the petrochemical segment’s earnings before interest and tax (EBIT) stood at Rs. 4,031 crore and refining EBIT at Rs. 7,476 crore against estimates of Rs. 3,600 crore and Rs. 6,150 crore, respectively.
The market capitalisation of the company crossed rupees five lakh crore mark for the first time on July 17, which was at Rs. 4.97 lakh crore at Thursday’s closing price. “We have recorded yet another strong quarterly performance with net profit of Rs. 9,108 crore, up 28 percent Y-o-Y. Our industry leading portfolio of assets in the refining and petrochemicals business contributed to considerable improvement in our earnings for the quarter,” said Chairman and MD, Reliance Industries Limited, Mukesh D. Ambani.
Adding to this Ambani added that over the last four decades, Reliance has continued to grow and evolve by creating value through building competitive global scale businesses and delivering increasing shareholder returns. “Over the past three to four years, we made significant investments in new plants, thus creating organic growth platforms for our energy and materials businesses. Full commissioning of new PX facility at Jamnagar during the quarter will strengthen the integration within our polyester chain,” added Ambani.
Earlier in April, Reliance entered into a license agreement with Resysta International GmbH (Resysta), which gives RIL exclusive rights of production and marketing of RelWood™, a Natural Fiber Polymer Composite (NFPC), in India. Similarly in June, Reliance and BP announced that they are moving forward to develop already discovered deepwater gas fields, bringing new gas production for India.