Reliance Industries on Saturday reported a 27.8 per cent jump in its net profit at Rs 4,923 crore for the three months ended September 30, against Rs. 3,852 crore registered in the same quarter in the previous fiscal on higher earnings from gas sales and improved refining margins.

The turnover during the quarter improved by 22.8 per cent to Rs. 59,962 crore from Rs. 48,843 crore in the same quarter in the previous year. Revenues from the oil and gas business rose by 46.5 per cent to Rs.4,303 crore during the quarter. Revenues from oil refining and fuel marketing business were up 25.5 per cent at Rs.49,672 crore.

Petrochemical business, however, showed 13.2 per cent lower growth in revenues at Rs.15,096 crore during the said quarter. In the half year ended September 30, 2010, RIL registered a net profit of Rs.9,774 crore as compared to Rs.7,518 crore in the same period in the previous year.

The turnover achieved for the half year was Rs.120,969 crore, an increase of 48.8 per cent over the corresponding period of the previous year. Increase in volume accounted for 28.8 per cent growth in revenue and higher prices accounted for 20 per cent growth in revenue.

“Improved refining margins and high operating rates at all our manufacturing facilities led to a record quarter. We are focused on identifying opportunities that leverage India's unique demographic and market potential,” said RIL Chairman and Managing Director Mukesh D. Ambani.

Exports were higher by 55.5 per cent at Rs.66,936 crore as against Rs.43,035 crore in the corresponding period of the previous year. The operating profit before other income and depreciation increased by 37.8 per cent to Rs.18,738 crore from Rs.13,601 crore. Net operating margin was lower at 15.5 per cent as compared to 16.7 per cent in the corresponding period of the previous year due to base effect and softer margin environment in petrochemicals partially offset by incremental share of the higher margin oil and gas business and improved refinery margins.

Other income was marginally higher at Rs.1,394 crore as against Rs.1,337 crore as compared to the corresponding period of the previous year primarily due to higher average cash balances. Interest cost was higher at Rs.1,083 crore (Rs.922 crore) due to lower capitalisation of interest charges. Interest capitalized was lower at Rs 228 crore as against Rs 758 crore due to commissioning of KG D6 and SEZ projects in the corresponding period of the previous year. Basic earnings per share (EPS) post-allotment of bonus shares for the half year were Rs.29.90 (Rs.23).

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