our petrochemical capacities and adding value to our refining business," he said. "These investments will secure a significant change in RIL's earning capacity on commissioning of these projects".
RIL reported more than doubling of earnings before interest and taxation (EBIT) from the oil refining business at Rs 3,615 crore in the October-December quarter.
The twin refineries at Jamnagar can turn heavier grades of oil, which are typically cheaper, into high-value fuels.
The refining margin in the December quarter as only a shade better than USD 9.5 per barrel achieved in Q2 of current fiscal which the segment contributed Rs 3,523 crore to the EBITA.
The twin refineries with a total capacity of 62 million tons, processed 17.5 million tons of crude as compared to 17.6 million tons in Q2 of current year and 17.2 million tons in Q3 of last fiscal.
Segment revenues were up 13 per cent to Rs 86,641 crore.
"RIL's refining configuration, its inherent design advantages and complexity, its flexible business model and unique crude sourcing capability have all contributed towards it delivering best-in-class performance," the statement said.
Continuing fall in natural gas output at its flagship KG-D6 gas fields in the Bay of Bengal led to earnings from the oil and gas business drop by a massive 54.4 per cent to Rs 590 crore. Segment revenue dropped by 32.2 per cent to Rs 1,921 crore.
RIL said it has addressing the fall in KG-D6 output to about 21 million standard cubic meters per day, a third of the peak achieved in 2010, by upgrading production facilities and starting drilling in satellite fields around the main gas fields in the block.
The company reported a 10.2 per cent drop in earnings from its core petrochemical business at Rs 1,937 crore on lower production of ethylene and propylene.
Of its new business, turnover from retail grew 44 per cent to Rs 7,749 crore as the company continued to expand stores across the country.
It has over 1,400 stores in 129 cities.
RIL's subsidiary, Infotel Broadband Services (Infotel), which has won broadband spectrum in 22 circles or zones, is setting up a network using to usher the 4G revolution