Reliance Industries posts 24% jump in Oct-Dec quarter net profit
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 into India.
Stocks More on Reliance Industries
Company INFO More on Reliance Industries
Reliance Q3 profit jumps on better-than-expected refining margins
(Reuters) Indian conglomerate Reliance Industries Ltd posted its first profit increase after four quarters of declining returns, buoyed by improving margins in its