NEW DELHI: Billionaire Mukesh Ambani-led Reliance Industries today came close to challenging PSU giant ONGC's position as the country's most profitable company, with a record net profit of Rs 20,211 crore for the fiscal 2010-11.
RIL's consolidated net profit for the fiscal ended March 31, 2011, grew by over 27 per cent to Rs 20,211 crore.
The company had recorded profit of Rs 15,898 crore in the previous fiscal 2009-10, making it second most profitable company after ONGC.
Oil and Natural Gas Corp (ONGC), the nation's largest oil and gas explorer, had recorded net profit of Rs 16,767.55 crore in 2009-10. The PSU major is yet to announce its figures for the fiscal 2010-11.
In the first nine months of 2010-11 fiscal, ONGC has reported a net profit of Rs 16,133.13 crore.
Analysts expect that the full-year profits of the two companies could be very close to each other and it would be interesting to see whose figures are higher, although not by any big margin.
They said that RIL's figures for the last quarter would have been much higher, but for a decline in the production from its main gas field KG-D6.
Commenting on the results, RIL Chairman and MD Mukesh Ambani said: "Reliance had a record year with strong financial and operating performance. Global economic growth, emerging markets demand and tightness in the markets led to recovery in refining margins and record petrochemical earnings."
"We are fully geared to participate in India's growth and continued global recovery in the coming years. Our committed investments in core business and new initiatives are expected to result in sustained earnings growth," he added.
In the league of five most profitable companies, ONGC and RIL are followed by Indian Oil (Rs 10,220 crore), Bharti Airtel (Rs 9,426 crore) and SBI (Rs 9,166 crore), based on their comparable latest available fiscal year results.
In terms of turnover, RIL is ranked second after Indian Oil and is followed by BPCL, HPCL, SBI and ONGC.
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Showing posts with label Reliance Industires. Show all posts
Showing posts with label Reliance Industires. Show all posts
Thursday, April 21, 2011
Refining margin, petrochem biz boost Reliance's Q4 net
Mumbai, Apr 21:
Improved gross refining margin – the highest in the last eight quarters – and increased profits from its petrochemical's business has led to a 14 per cent rise in Reliance Industries Ltd's (RIL) net profit for the fourth quarter of fiscal 2011.
Net profit for the quarter ended March 31, 2010 stood at Rs 5,376 crore (Rs 4,710 crore).
RIL's turnover for the quarter grew by 25 per cent to Rs 75,238 crore, from Rs 60,267 crore in the corresponding quarter last year.
“Global economic growth, emerging markets demand and tightness in the markets led to recovery in refining margins and record petrochemical earnings,” said Mr Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd, in a statement from the company.
Exports during the fiscal 2011 grew by 33 per cent to Rs 1,46,667 crore (Rs 1,10,176 crore).
Refining segment
For the quarter, RIL's gross refining margin (GRM) stood at $9.2 per barrel as against $7.5 per barrel in the same quarter last year. Revenues in the refining and marketing segment for the fourth quarter stood at Rs 62,704 crore (Rs 51,250 crore), up 22 per cent.
Earnings before interest and tax from this segment grew 26 per cent to Rs 2,509 crore; EBIT for the fiscal grew 53 per cent to Rs 9,172 crore.
The company processed 16.7 million tonnes of crude oil reflecting a utilisation rate of more than 100 per cent.
GRM for the 2010-11 fiscal stood at $8.4/barrel as against $6.6/barrel in the previous year. The company processed 66.7 million tonnes of crude during the fiscal which it said is the highest in its history.
Oil and Gas E&P segment
The Oil and Gas (Exploration and Production) segment revenues dipped by 5 per cent during the quarter at Rs 4,104 crore (Rs 4,318 crore). For the full fiscal, segment revenues were up 36 per cent at Rs 17,250 crore.
Crude oil and gas production from KG-D6 in the fiscal stood at 8 million barrels and 720 billion cubic feet, a growth of 98 per cent and 42 per cent respectively. During the fiscal, RIL achieved sales of 20.2 billion cubic meters.
Crude oil produced from the block was sold to domestic refineries and achieved an average realisation of $85/barrel. RIL did not provide the quarterly gas production figures for KG-D6.
Petrochemicals
Fourth quarter revenue in the petrochemicals segment was up 18 per cent, at Rs 18,194 crore (Rs 15,448 crore). Full year revenue for the segment stood at Rs 63,155 crore (Rs 55,251 crore), a growth of 14 per cent.
“Performance of the segment reflects the strong demand across the petrochemical range during the quarter,” said the company in its statement.
The company announced a dividend of Rs 8 per fully paid up equity share of Rs 10 each, aggregating to Rs 2,772 crore. Its shares closed 1.39 per cent higher on BSE at Rs 1,039.95 on Thursday; the results were announced after the stock markets closed.
Improved gross refining margin – the highest in the last eight quarters – and increased profits from its petrochemical's business has led to a 14 per cent rise in Reliance Industries Ltd's (RIL) net profit for the fourth quarter of fiscal 2011.
Net profit for the quarter ended March 31, 2010 stood at Rs 5,376 crore (Rs 4,710 crore).
RIL's turnover for the quarter grew by 25 per cent to Rs 75,238 crore, from Rs 60,267 crore in the corresponding quarter last year.
“Global economic growth, emerging markets demand and tightness in the markets led to recovery in refining margins and record petrochemical earnings,” said Mr Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd, in a statement from the company.
Exports during the fiscal 2011 grew by 33 per cent to Rs 1,46,667 crore (Rs 1,10,176 crore).
Refining segment
For the quarter, RIL's gross refining margin (GRM) stood at $9.2 per barrel as against $7.5 per barrel in the same quarter last year. Revenues in the refining and marketing segment for the fourth quarter stood at Rs 62,704 crore (Rs 51,250 crore), up 22 per cent.
Earnings before interest and tax from this segment grew 26 per cent to Rs 2,509 crore; EBIT for the fiscal grew 53 per cent to Rs 9,172 crore.
The company processed 16.7 million tonnes of crude oil reflecting a utilisation rate of more than 100 per cent.
GRM for the 2010-11 fiscal stood at $8.4/barrel as against $6.6/barrel in the previous year. The company processed 66.7 million tonnes of crude during the fiscal which it said is the highest in its history.
Oil and Gas E&P segment
The Oil and Gas (Exploration and Production) segment revenues dipped by 5 per cent during the quarter at Rs 4,104 crore (Rs 4,318 crore). For the full fiscal, segment revenues were up 36 per cent at Rs 17,250 crore.
Crude oil and gas production from KG-D6 in the fiscal stood at 8 million barrels and 720 billion cubic feet, a growth of 98 per cent and 42 per cent respectively. During the fiscal, RIL achieved sales of 20.2 billion cubic meters.
Crude oil produced from the block was sold to domestic refineries and achieved an average realisation of $85/barrel. RIL did not provide the quarterly gas production figures for KG-D6.
Petrochemicals
Fourth quarter revenue in the petrochemicals segment was up 18 per cent, at Rs 18,194 crore (Rs 15,448 crore). Full year revenue for the segment stood at Rs 63,155 crore (Rs 55,251 crore), a growth of 14 per cent.
“Performance of the segment reflects the strong demand across the petrochemical range during the quarter,” said the company in its statement.
The company announced a dividend of Rs 8 per fully paid up equity share of Rs 10 each, aggregating to Rs 2,772 crore. Its shares closed 1.39 per cent higher on BSE at Rs 1,039.95 on Thursday; the results were announced after the stock markets closed.
Monday, February 21, 2011
Reliance Industries, BP signs $7.2 bn oil & gas deal
NEW DELHI: UK's BP Plc will buy 30 per cent stake in Reliance Industries' 23 oil and gas blocks including the giant KG-D6 gas fields off the east coast for USD 7.2 billion.
BP could further pay USD 1.8 billion "on exploration success that results in development of commercial discoveries," RIL said in a press statement.
The two firms will also enter into a 50:50 joint venture for sourcing and marketing of gas.
BP CEO Bob Dudley and RIL Chairman and Managing Director Mukesh Ambani will make a joint announcement later in the evening.
BP's combined investment including payments to Reliance could amount to USD 20 billion. Ambani and Dudle "signed the relationship framework and transactional agreements in London," the statement said.
"The partnership across the full value chain comprises BP taking a 30 per cent stake in 23 oil and gas production sharing contracts that Reliance operates in India.
This includes producing KG D6 block, and the formation of a 50:50 joint venture between the two companies for the sourcing and marketing of gas in India," it said.
The joint venture will also endeavour to accelerate the creation of infrastructure for receiving, transporting and marketing of natural gas in India.
Reliance said the partnership will combine BP's world class deepwater exploration and development capabilities with Reliance's project management and operations expertise.
"This partnership meets BP's strategy of forming alliances with strong national partners, taking material positions in significant hydrocarbon basins and increasing our exposure to growing energy markets," said Carl-Henric Svanberg, Chairman of BP.
The 23 oil and gas blocks together cover approximately 270,000 square kilometres. Reliance will continue to be operator of the blocks.
BP could further pay USD 1.8 billion "on exploration success that results in development of commercial discoveries," RIL said in a press statement.
The two firms will also enter into a 50:50 joint venture for sourcing and marketing of gas.
BP CEO Bob Dudley and RIL Chairman and Managing Director Mukesh Ambani will make a joint announcement later in the evening.
BP's combined investment including payments to Reliance could amount to USD 20 billion. Ambani and Dudle "signed the relationship framework and transactional agreements in London," the statement said.
"The partnership across the full value chain comprises BP taking a 30 per cent stake in 23 oil and gas production sharing contracts that Reliance operates in India.
This includes producing KG D6 block, and the formation of a 50:50 joint venture between the two companies for the sourcing and marketing of gas in India," it said.
The joint venture will also endeavour to accelerate the creation of infrastructure for receiving, transporting and marketing of natural gas in India.
Reliance said the partnership will combine BP's world class deepwater exploration and development capabilities with Reliance's project management and operations expertise.
"This partnership meets BP's strategy of forming alliances with strong national partners, taking material positions in significant hydrocarbon basins and increasing our exposure to growing energy markets," said Carl-Henric Svanberg, Chairman of BP.
The 23 oil and gas blocks together cover approximately 270,000 square kilometres. Reliance will continue to be operator of the blocks.
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