RIL net up 24% at R5,502 cr on better refining margins

Jan 19 2013, 01:28 IST
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SummaryMukesh Ambani's Reliance Industries surpassed market expectations with a 24% year-on-year jump in quarterly profit, as it benefited from strong refining margins and improved performance in its petrochemicals business.

capacity on commissioning of these projects," he added.

The company last month secured financing of $2.1 billion from the US Exim Bank to fund expansion projects at Jamnagar. It also signed $ 2-billion loan with nine banks covered by Euler Hermes Deutschland last May to fund its petrochemical expansion projects.

RIL has also been looking to expand its consumer-focused segments such as telecom and retail in recent years in order to meet the target doubling its operating profit in the next four to five years.

Revenue for organised retail surged 44% to Rs 7,749 crore in the April-December period. RIL operates more than 1,400 stores in 129 cities across India.

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