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RIL posts Rs 13,656-cr profit for September quarter

Mumbai (Maharashtra) [India], October 21 (ANI): Reliance Industries (RIL) on Friday posted a net profit of Rs 13,656 crore for the quarter that ended September 30, against Rs 13,680 crore in the year-ago period.

Revenues of the company went up 32.5 per cent year-on-year to Rs 159,671 crore, primarily on account of higher crude oil prices. RIL’s production meant for sale was lower by 3.6 per cent y-o-y with planned turnaround of primary and secondary units of special economic zone (SEZ) refinery for management and information (M&I).

RIL’s cracker operating rate was at 95 per cent in the second quarter of the financial year 2021-22 as compared to 87 per cent in the year-ago period.

Earnings before interest, taxes, depreciation and amortisation (Ebitda) for the reviewed quarter declined by 5.9 per cent y-o-y to Rs 11,968 crore primarily on account of the introduction of selected area electron diffraction (SAED) on transportation fuels and lower Polymer deltas. SAED-related costs during the quarter was Rs 4,039 crore.

The company said Reliance BP Mobility profitability continued to be adversely impacted as retail fuel prices remained capped despite higher benchmark product prices.

Krishna Godavari Dhirubhai 6 (KG D6) gas production was around 20 per cent of India’s domestic gas production. It also announced that KG D6 field would commence by year-end, taking KG D6 output to 30 per cent of India’s gas.

On the performance, RIL Chairman Mukesh Ambani said, “Performance of our O2C business reflect subdued demand and weak margin environment across downstream chemical products. Transportation fuel margins were better than last year but significantly lower sequentially. Segment performance was also impacted by the introduction of special additional excise duties during the quarter to ensure stable supply and lower volatility in the domestic market. Our domestic Oil & Gas business continued to deliver robust performance maintaining production at 19 MMSCMD (million standard cubic feet per day) levels in the KG D6 block, significantly enhancing energy security for the country. We are confident of commissioning MJ Fields by year end.” (ANI)

This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.

Source: The Print

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