Reliance Industries back on high profit track

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Reliance Industries back on high profit track

Posted On : Feb-08-2010 | seen (561) times | Article Word Count : 568 |

The Indian industrial giants have regained their lost charm with the profitability touching the skies once again. Figures reveal that the top industrial organizations are back in the high performance zone and the highest growth in net profit among the lot has been recorded by Mukesh D Ambani’s Reliance Industries. With 92.7% of growth, Reliance Industries is only in for great times ahead. The impressive surge in the profit rate has surpassed the single-digit growth in the September period.

As a result of rise in the oil prices, the largest organization in terms of market capitalization, Reliance Industry’s revenue rose to an astounding 588.5 billion rupees shrugging the market estimates of 512.8 billion rupees as the exports doubled to 351.5 billion rupees. The results include Reliance Petroleum Ltd.’s performance. This has been the first highest increase in the net profit figures in almost five quarters following three months’ net profit ending December 31.

The rise in profit rate is approximately 15.8 % to Rs 4008 crore in the period ending December 31 following higher sales of natural gas. In the quarter ending with December 31, Reliance earned USD 5.9 on every barrel which is way lower than USD 10 per barrel in the corresponding period of previous year. Reliance’s eastern offshore KG-D6 field registered a sale of about 60 million cubic meters of gas per day during the quarter leaving behind state owned Oil and Natural Gas Corporation.

As a result of which Reliance Industries, led by Mukesh Ambani, earned 92.7% rise in net profit. While refining and marketing businesses got a boost of 142.9 percent to Rs. 48,000 crore as a result of the merger of 5,8,000 barrels per day in the exports refinery of Reliance Petroleum Ltd. Petrochemicals wing of Reliance Industry witnessed as much as 16.9 % increase in revenue to Rs. 14,756 crore. By the end of December 2009, Reliance Industries registered a significant surge in the turnover making it Rs. 1,34, 891 crore as compared to Rs. 1,15,765 crore during the same period a year ago.

BSE registered about one percent boost in the Reliance shares to Rs. 1,070 even when the market scene was relatively weak. Reliance, speaking about the tremendous growth, Reliance Industry’s Chairman and Managing Director Mukesh Ambani felt delighted with the figures and reaffirmed beliefs in ability of RIL to create premium class assets. He also praised their newly acquired SEZ refinery and KG D6 oil and gas development. Reliance recently made a non-binding bid to take over Netherlands based Petrochemical firm LyondellBasell Industries which went bankrupt. LyondellBasell is worth about $14.5 billion, owning which would earn Reliance Industry $80 billion revenue including two crude refineries in US and Europe.

Reliance Industries revealed that it had a humongous debt of Rs. 70,008 crore and a cash reserve of Rs. 15,959 crore as on December 31, 2009. Reliance also went on to announce the completion of 275 days of 100 percent uptime while recording zero-incident production. Reliance’s gas production has been soared to 60 mmscmd in just 9 months time period since the time of its commencement.

Talking about KG-D6, almost all 18 wells are ready for production while production from16 wells have already been commenced. The KG D6 has been designed in a way that its deep water gas production achieved a folw rate of over 80 mmscm.

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<h1>Reliance Industries back on high profit track</h1> Author: <a href='http://www.articleseen.com/profile_Smith Mike .aspx'>Smith Mike </a> The Indian industrial giants have regained their lost charm with the profitability touching the skies once again. Figures reveal that the top industrial organizations are back in the high performance zone and the highest growth in net profit among the lot has been recorded by Mukesh D Ambani’s Reliance Industries. With 92.7% of growth, Reliance Industries is only in for great times ahead. The impressive surge in the profit rate has surpassed the single-digit growth in the September period.

As a result of rise in the oil prices, the largest organization in terms of market capitalization, Reliance Industry’s revenue rose to an astounding 588.5 billion rupees shrugging the market estimates of 512.8 billion rupees as the exports doubled to 351.5 billion rupees. The results include Reliance Petroleum Ltd.’s performance. This has been the first highest increase in the net profit figures in almost five quarters following three months’ net profit ending December 31.

The rise in profit rate is approximately 15.8 % to Rs 4008 crore in the period ending December 31 following higher sales of natural gas. In the quarter ending with December 31, Reliance earned USD 5.9 on every barrel which is way lower than USD 10 per barrel in the corresponding period of previous year. Reliance’s eastern offshore KG-D6 field registered a sale of about 60 million cubic meters of gas per day during the quarter leaving behind state owned Oil and Natural Gas Corporation.

As a result of which Reliance Industries, led by Mukesh Ambani, earned 92.7% rise in net profit. While refining and marketing businesses got a boost of 142.9 percent to Rs. 48,000 crore as a result of the merger of 5,8,000 barrels per day in the exports refinery of Reliance Petroleum Ltd. Petrochemicals wing of Reliance Industry witnessed as much as 16.9 % increase in revenue to Rs. 14,756 crore. By the end of December 2009, Reliance Industries registered a significant surge in the turnover making it Rs. 1,34, 891 crore as compared to Rs. 1,15,765 crore during the same period a year ago.

BSE registered about one percent boost in the Reliance shares to Rs. 1,070 even when the market scene was relatively weak. Reliance, speaking about the tremendous growth, Reliance Industry’s Chairman and Managing Director Mukesh Ambani felt delighted with the figures and reaffirmed beliefs in ability of RIL to create premium class assets. He also praised their newly acquired SEZ refinery and KG D6 oil and gas development. Reliance recently made a non-binding bid to take over Netherlands based Petrochemical firm LyondellBasell Industries which went bankrupt. LyondellBasell is worth about $14.5 billion, owning which would earn Reliance Industry $80 billion revenue including two crude refineries in US and Europe.

Reliance Industries revealed that it had a humongous debt of Rs. 70,008 crore and a cash reserve of Rs. 15,959 crore as on December 31, 2009. Reliance also went on to announce the completion of 275 days of 100 percent uptime while recording zero-incident production. Reliance’s gas production has been soared to 60 mmscmd in just 9 months time period since the time of its commencement.

Talking about KG-D6, almost all 18 wells are ready for production while production from16 wells have already been commenced. The KG D6 has been designed in a way that its deep water gas production achieved a folw rate of over 80 mmscm.About the Author: <a rel="nofollow" href="http://www.reliancelogistics.com/" Title="Reliance">Reliance</a> Industries Limited is the flagship company of <a rel="nofollow" href="http://www.riil.in/" Title="Reliance Group">Reliance Group</a>’s <a rel="nofollow" href="http://www.rellife.com/mukesh_ambani.html" Title="Mukesh Ambani">Mukesh Ambani</a> the biggest private sector conglomerate in India. Article Source: <a href='http://www.articleseen.com/Article_Reliance-Industries-back-on-high-profit-track_10429.aspx'> http://www.articleseen.com/Article_Reliance Industries back on high profit track_10429.aspx</a>

Article Source : http://www.articleseen.com/Article_Reliance Industries back on high profit track_10429.aspx

Author Resource :
Reliance Industries Limited is the flagship company of Reliance Group’s Mukesh Ambani the biggest private sector conglomerate in India.

Keywords : Reliance Industries, Mukesh Ambani, Profit, Revenue, LyondellBasell, KG D6,

Category : Business : Business

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