Net profit soared 18.9 percent to Rs 5,352 crore, or Rs 16.6 per share, in April-June quarter from Rs 4,503 crore, or Rs 13.8 per share, a year earlier, the company said in a statement. (Agencies)
Reliance Industries Ltd (RIL), which operates the world's biggest refining complex at Jamnagar in Gujarat, reported 84 percent rise in revenue from its shale gas venture in US on rising production. Petrochemical margins improved while retail revenue rose 53 percent.
The company posted a better-than-expected gross refining margin of USD 8.4 per barrel in the first quarter ended June, 30. It had earned USD 7.6 on turning every barrel of crude oil into fuel in Q1 of 2012-13 fiscal.
However, gas production at its flagship KG-D6 field dropped by a steep 53 percent to 49.2 billion cubic feet or 15.32 million cubic metres per day. RIL had produced about 33
mmcmd in April-June quarter last year and 49 mmcmd in Q1 of 2011-12.
"Fall in production is mainly attributed to geological complexity, natural decline in the fields and higher than envisaged water ingress," RIL said.
Production at Krishna Godavari basin fields has since dropped 14.02 mmcmd this month and government's Directorate General of Hydrocarbons (DGH) predicts it will not rise before 2016-17.
"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.
RIL is investing Rs 1.5 lakh crore in new projects. Ahead of the results announcement, RIL shares hit a six month high of Rs 923.15.
Net profit soared 18.9 percent to Rs 5,352 crore, or Rs 16.6 per share, in April-June quarter from Rs 4,503 crore, or Rs 13.8 per share, a year earlier, the company said in a statement.