Reliance Industries logs 19 pct profit growth in quarter on strong margins

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"Reliance achieved strong results during the first quarter of FY 2013-14, while investing in projects that will provide sustainable advantage for a longer period," company Chairman and Managing Director Mukesh Ambani said. Reuters
SummaryHowever, gas production at its flagship KG-D6 field dropped by a steep 53 per cent.

has seen "remarkable" progress with a 53 per cent growth in revenues in Q1 to Rs 3,474 crore.

Sequentially, the company's performance was not good with a 4.2 per cent drop in net profit over Rs 5,589 crore profit in January-March quarter.

Debt soared to Rs 80,307 crore at the end of Q1, up from Rs 72,427 crore at the beginning of the fiscal. At quarter end, it had a cash pile of Rs 93,066 crore, making the company debt free on a net basis. Cash in hand increased from Rs 70,252 crore at the end of March.

The company, which has has invested an aggregrate of USD 6 billion in three shale gas projects in US, saw revenues from its American operations rose 84 per cent to USD 214.5 billion.

Its revenue from oil and gas business fell 42 per cent to Rs 1,454 crore and segment earnings before interest and tax by 64 per cent to Rs 352 crore.

Reliance's twin refineries at Jamnagar process slightly less crude oil at 17.1 million tonnes and saw segment revenue drop 4.6 per cent to Rs 81,458 crore. But the segment EBIT was up 38.5 per cent to Rs 2,951 crore.

Petrochem EBIT was up 7.5 per cent at Rs 1,888 crore.

Other income increased from Rs 1,904 crore to Rs 2,535 crore on account of a larger cash balance.

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