Reliance Industries Limited has declaredits financial performance for the half year ending 30th September, 2011. The summary of the comparative study of theun-audited financial results is enlisted here.
RIL’s turnover has increased by 36.0%, exports by 52.2%, PBDIT by 9.0% and Profit before tax has increased by 19.6%. The cash profit witnessed an increase to Rs.17, 828 crore and the net profit to Rs. 11,364 crore. Employee costs were at Rs. 1,593 crore for the half year, as compared to the corresponding period previous year, which was Rs. 1,277 crore. Earnings Per Share increased from Rs.29.9 (previous year) to Rs.34.7. The net capex towards all projects stood at Rs. 6,691 crore and the cash outflow amounted to Rs. 3,533 crore.
The first well drilled in the CYPR-D6 block,located in Cauvery-Palar basin led to the discovery of rich gas and condensate. This is one of the exploration blocks where BP has acquired 30% stake. There was reduction in production of crude oil from KG-D6 block, due to reservoir complexity. However, the production of gas condensate has increased by 26.3%, compared to the previous period.
On a year-on-year basis, the Panna-Muktacontributed to a 63% increase in gas production and 39% in oil production. However, production of natural gas and condensatedeclined by 22.8% and 25.5% respectively from Tapti, due to a natural decline. RIL’s petrochemical business has the highest ever half-yearly EBIT.
Reliance Retail’s vision is ‘bettering the lives of Indians everyday’. Its newest format for the second quarter is ‘Reliance Market’, which will be a preferred sourcing destination for business and trading community. The first Reliance Market Store has been launched at Ahmedabad. Reliance Retail has marked its presence in 100 cities in India, with more than 1,100 stores in operation.
One of RIL’s subsidiaries, Infotel Broadband Services Limited, is in the process of setting up a world class Broadband Wireless Network using state-of-art technologies. They intend to finalize the arrangement with leading global technology players, service providers, infrastructure providers, device manufacturers and others, to pave way for 4G revolution in India.
Mukesh D Ambani, Chairman and Managing Director of RIL, commented on the report saying,” Our first half financial performance has been consistent. The increase in profits was largely driven by improved performance in the refining and petrochemicals business. All our manufacturing facilities operated at record levels with refineries achieving operating rates of 110%. RIL has strong balance sheet and sustained earning base to pursue growth opportunities.”