Reliance Industries Ltd, the biggest private sector company in India, met forecasts with a 13 per cent rise in quarterly profit as strong refining margins helped boost its sluggish petrochemicals business. The net profit rose to Rs 4,110 crore in the first quarter ended June 2008 from Rs 3,630 crore reported a year earlier.Reporting a higher topline growth, turnover increased by 38 per cent to Rs 43,050 crore from Rs 31,290 crore. According to RIL, 36 per cent growth in revenue was due to increase in prices and a 2 per cent growth was in volumes. Exports were higher by 112 per cent at Rs 28,357 crore ($ 6.6 billion). Said RIL chairman Mukesh Ambani, “At Reliance, we continued to scale new peaks in financial performance despite challenging business environment including domestic inflation and weakening of the leading economies of the world. The sterling performance was made possible by our quality manufacturing assets and experienced, highly skilled people.”“We will play major role in India’s energy security as we are focusing to be among the top leaders in the world in the oil and gas sphere. We are confident that the new growth drivers — oil and gas, organised retailing and agro-retail — will take Reliance to a higher growth trajectory in the medium term,” Ambani said.Reliance shares closed 1.81 per cent higher at Rs 2306.55 in a weak stock market on Thursday. However, the stock is down by 29 per cent from its 52-week high of Rs 3252.10 on January 15, 2008. It said Tapti block produced higher gas volumes of 1,133 MMSCM and 77,400 tonnes of condensate, registering a growth of 97 per cent and 133 per cent respectively over the corresponding period of the previous year. Panna-Mukta fields produced 321,600 tonnes of crude oil and 353 MMSCM of natural gas, a decrease of 30 per cent and 27 per cent respectively as compared with the corresponding period of the previous year. The decrease in production at Panna-Mukta was due to a shutdown in June 2008 in the PPA process platform. The Jamnagar refinery processed 8.13 million tonnes of crude, a utilistion rate of 98.5 per cent as compared with 8.01 million tonnes in the corresponding period of the previous year. Average refinery utilisation was at 85.6 per cent in North America, 83.7 per cent in Europe and 83.5 per cent in the Asia-Pacific region.
