Q2 FY11: Reliance Industries Growing in Leaps and Bounds

Its Q2 FY11 net profit was up 27.80% at Rs 4,923 crore versus Rs 3,852 crore on year-on-year basis. Its net sales were up 22.69% at Rs 57,479 crore versus Rs 46,848 crore (YoY).
Reliance saw revenues from sale of natural gas produced from its giant eastern offshore KG-D6 field’s jump 46.5 per cent to Rs 4,303 crore.
Its twin refineries at Jamnagar in Gujarat earned USD 7.9 on processing every barrel of crude oil, up from USD 6 per barrel gross refining margin. Revenues from oil refining and fuel marketing business were up 25.5 per cent at Rs 49,672 crore.
Petrochemical business, however, showed a lower 13.2 per cent growth in revenues to Rs 15,096 crore in Q2 FY’11.
Billionaire Mukesh Ambani, Chairman and Managing Director, Reliance, said: “Improved refining margins and high operating rates at all our manufacturing facilities led to a record quarter.”
“We are focused on identifying opportunities that leverage India’s unique demographic and market potential,” he said.
Reliance said it is currently producing 58 million cubic meters per day of gas, or 40 per cent of nation’s domestic production, from Dhirubhai-1 and 3 and MA field in the KG-D6 block, off the Andhra coast.
The turnover also soared by 22.8 per cent to Rs 59,962 crore in the quarter ended September 30, 2010.
The energy-to-retail conglomerate also recorded highest ever half-yearly figures for revenue, net profit and profit before tax for the first half of the current fiscal.
The company’s outstanding debt as on September 30 was Rs 68,198 crore, up from Rs 62,495 crore as on March 31, 2010. It had cash and cash equivalents of Rs 29,354 crore, which are in fixed deposits, certificate of deposits with banks, mutual funds and government securities/bonds.
The net capex towards projects for the half year was Rs 3,296 crore.
RIL said its strong financial numbers were supported by rise in volumes as well as prices, while its exports witnessed a substantial gain of 55.5 per cent to Rs 66,936 crore for the first half of current fiscal.
During the April-September period of 2010, RIL has achieved a turnover of Rs 120,969 crore, an increase of 48.8 per cent over the year-ago period and net profit grew by 30 per cent to Rs 9,774 crore for the first six months of current fiscal.

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