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
• Ease of processability, toughness of engineering plastics drive global demand
• Global synthetic and bio-based biodegradable plastics market to grow at a CAGR of 20.41%
• Butadiene market to grow at over 4% till 2020 with demand from automotive industries in emerging markets
• 3-D materials market expected to reach $650 million by 2019
• Tight US ethylene market drives LyondellBasell's Q3-2014 earnings
  
Available
UM-10186 - Film structure: ABC - Film width: 1.000 mm - Speed: 600 mpm ...
UM-10191 Model: EREMA PC 1100 TVE - Material that can be processed: PE, ...
UM-10192 Model: CAST FLEX 1.500 - Film structure: ABC - Material: CPP -...
UM-10172 Model: serie 2500-26LH - Screw: 172 mm 22D - Shot volume: 19300...
UM-10195 Model: RGA TVE 120 + Laser - Venting for de-gassing of moisture/...
UM-10194 Model: COEX 3 - Film structure: ABC - Material: LDPE, LLDPE, bl...
UM-10193 - Film structure: ABC - Material: stretch film - Width: 1.000 m...
UM-10190 - 120 mm + 60 mm extruders - Feedblock - 1650 mm Cloeren auto d...
UM-10189 - Equipped with K-Tron Vertech gravimetric feed resin system (4+2...
UM-10188 1) Injection Molding Machines: LTM Demag 85/100 - Machine type; ...