Plastics Portal For Buying And Selling Plastic Products
CONNECTING BUSINESSES IN THE WORLD OF PLASTICS
Go to->Home - PlasticNews
Refining, petrochemicals help RIL beat estimates for September quarter (21-1-2013)
 
India's Reliance Industries posted a surprise 24 percent surge in December quarter profits Friday, on unexpectedly strong refining margins and solid demand for petrochemicals.
In the September quarter, Reliance Industries Ltd’s refining business accounted for 56.8% of total earnings before interest and tax (Ebit), the highest in the previous 10 quarters at the time. That record has been broken in the December quarter, surprising analysts and helping the company beat estimates. For the December quarter, the refining business accounted for 58.1% of total Ebit. The petrochemicals business, too, has done well and perhaps has had a stronger impact on overall profitability.
Even as the petrochemicals business revenue has remained stable sequentially, the Ebit contribution has increased to 31% in the December quarter from 28% in the September quarter. In fact, the petrochemicals Ebit margin came in a bit higher on a sequential basis. One reason for the improvement in the petrochemicals business is better price. Also positive is the fact that analysts are slowly turning positive on the petrochemicals business.
The oil and gas business has disappointed. The contribution from the business to total Ebit has been the lowest for the past several quarters at 9.5%. This is, of course, because of falling production from the company’s gas assets. Also, the proportion of “other income” has not been unusually high as seen in some previous quarters, which improves the quality of earnings.
"RIL's performance has improved in this quarter with margin expansion in petrochemicals and record earnings in the refining business," chairman Mukesh Ambani said in a statement. He pledged to invest over a trillion rupees (US$18.6 billion) to upgrade the company's petrochemical and refining businesses, which he said would "secure a significant change in RIL's earning capacity."
Previous News Previous News
Next News Next News
Forward to friend Forward this news to friend Print this News Print this news
Back
Back To Recent News Archives
Disclaimer
Recent News
• Tight supplies pave the ground for ethylene increases in Asia
• Alpek and BASF ink agreements regarding EPS and PU businesses in Americas
• CEPSA selects Badger Licensing to provide technology for new Cumene plant in Shanghai
• Mitsubishi to discuss US$850 mln petrochemical investment in Trinidad & Tobago
• Small-scale polymer solar cell with a conversion efficiency of 11.5% eclipses previous best
  
Available
UM-9929 50 mm Blown Film extruder for the manufacture of polypropylene fi...
UM-9924 Model: Rotopak 2000 - Printing width: 1120 mm - Printing repea...
UM-9925 120" Gloucester 421 Bag Machine, Rebuilt by J & C
UM-8750 - Film production quantity maximum per month: approx output: 40 t...
UM-9922 Model: JSW J-350E - Quantity: 1 - Year: 1995
UM-9921 For more details please see next pages
UM-9920 80 ton, 90 ton, 120 ton, 150 ton Injection molding machines more ...
UM-9919 - With 150 mm DS extruder - 33D - Flex Lip Die - 2950 mm x 500...
UM-9918 - (1) Used 4.5" Sterling Extruder - 40:1 L/D - Electrically hea...
UM-9916 - Davis Standard 60" Wide X 24" O.D. - 3-Roll chill roll stack ...