Reliance Industries Limited (RIL) today reported a 19 per cent jump in its fourth quarter net profit on higher gas sales from its Krishna-Godavari (KG) fields on the east coast. Net profit for the January-March quarter touched Rs 4,710 crore, up from Rs 3,955 crore in the corresponding period last year.
The market, however, was expecting a net profit of Rs 5,000 crore.
The company earned $7.50 from every barrel of crude it turned into fuel, as against $9.9 per barrel it earned in the same period last year. Analysts said refining would continue to be under pressure for at least another quarter. However, higher gas output offset lower refining margins.
Turnover rose 124.9 per cent to Rs 60,267 crore as compared with Rs 26,793 crore in the year-ago period.
| GROWTH NOT SO GOOD | |||
| (Rs in crore) | % Change | ||
| Q4 2008-09 | Q4 2009-10 | ||
| Net turnover | 26,793 | 60,267 | 124.9 |
| Net profit | 3,955 | 4,710 | 19 |
| Gross ref margin | $9.9/bbl | $7.5/bbl | (-)24.2 |
“We continue to seek growth opportunities within India and globally to accelerate further value creation,” said Mukesh Ambani, chairman and managing director, RIL.
The company recommended a dividend of Rs 7 per equity share of Rs 10 each. RIL shares gained 1.1 per cent today to close at Rs 1,087.35 a piece on the Bombay Stock Exchange.
