Reliance reports net profit of Rs. 3,264 crore in Q1-07

Reliance Industries Ltd (RIL) has reported a net profit of Rs. 3,264 crore for Q1-07, ended June 30, 2007, as compared to Rs. 2,547 crore in the same period in the previous year- recording an increase of 28.2%. The turnover increased by 12.7% to Rs. 29,493 crore and the cash profit by 23.7% to Rs. 4,527 crore. The increase in revenue was due to a 3% rise in prices and 10% growth in volume. During the period under review, aggregate exports were higher by 30% at Rs. 17,263 crore. Consumption of raw materials increased by 10% from Rs. 18,152 crore to Rs. 19,999 crore primarily on account of higher crude prices. During the quarter, the refinery processed 8.01 million tons, an increase of 7%, reflecting an operating ratio of 97%. Petrochemicals production (including toll conversions) grew 15% to 3.65 million tons, from 3.16 million tons in the corresponding period in the previous year. Oil production from the PMT blocks increased by 25% to 1.48 lakh tons and gas production was up 23% at 317 MMSCM. Operating profit before other income increased by 22% to Rs. 5,177 crore from Rs. 4,237 crore. Net operating margin for the quarter was 18.5% cent as compared to 17.3%. Other income was higher at Rs. 105 crore against Rs. 44 crore primarily on account of increase in interest income on higher surplus funds. Interest costs were higher by 8% at Rs. 288 crore. During the quarter, the company incurred a capital expenditure of Rs. 3,862 crore. With the completion of major expansion plans in the refining and petrochemicals business, the capital expenditure was largely for the oil and gas initiatives. The common capital expenditure of Rs. 885 crore during the quarter was mainly on account of real estate for office purposes.
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