For FY13, the Mukesh Ambani-led company's net profit rose 4.8% to Rs21,003 crore while its turnover grew to Rs3.71 lakh crore
Reliance Industries (RIL), India's largest private sector company, reported a 32% increase in its fourth quarter net profit on improved refining margins. For the quarter to end-March, RIL's net profit rose to Rs5,589 crore from Rs4,236 crore while its total turnover declined marginally to Rs86,618 crore from Rs87,833 crore same period a year ago.
For the year to end-March, the Mukesh Ambani-led petrochemical company said its net profit increased 4.8% to Rs21,003 crore from Rs20,040 crore while turnover grew to Rs3.71 lakh crore from Rs3.39 lakh crore, a year ago.
Commenting on the results, Mr Ambani, chairman and managing director (CMD) of RIL said, “The growth in earnings was largely driven by strong and improved refining margins during the year. Production growth from our investments in unconventional liquids-rich resource plays in North America has reinforced our confidence in creating long-term value for our shareholders from this diversification. We are delighted to see our retail business achieving a milestone of annual revenue crossing Rs10,000 crore and will further strengthen our position in this sector.”
During FY13, RIL said its exports grew 15% to Rs2.39 lakh crore while gross refining margin (GRM) came at $9.2 per bbl. The company earned a cash profit of Rs30,505 crore during the year ended in March 2012, RIL said in a release.
For the full year, RIL's refining business revenues increased by 11.6%, Petrochemicals by 9.3% while Oil & Gas revenues decreased by 35.2% due to lower production. Higher prices accounted for 11.0% growth in revenues, which was partly offset by the decrease in volumes by 1.8%, the company said.
As on 31 March 2012, RIL had a cash and cash equivalent of Rs82,975 crore in bank deposits, mutual funds and government securities and bonds.
The company has declared a full year dividend of Rs9 per share.
Before the results announcement, RIL shares closed Tuesday 1.38% up at Rs804.5 on the BSE, while the benchmark Sensex ended 2.11% higher at 18744.9.
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The prices may not move 15% up tomorrow , however over next few days steadily share will rise to 4 digits and retain and return to its old glory