RIL Q4 net profit rises on 8 quarter high gross refining margin, increased profits from petrochemicals

22-Apr-11

Reliance Industries Ltd’s 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% to Rs 75,238 crore, from Rs 60,267 crore in the corresponding quarter last year. Improved gross refining margin – the highest in the last eight quarters – and increased profits from its petrochemical's business has led to a 14% rise in RIL’s net profit. “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% to Rs 1,46,667 crore (Rs 1,10,176 crore). Fourth quarter revenue in the petrochemicals segment was up 18% 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%. “Performance of the segment reflects the strong demand across the petrochemical range during the quarter,” as per a company statement.