‘Will play a major role in energy security’
Higher gas output from Tapti block
Lower production from Panna-Mukta
MUMBAI: Reliance Industries Ltd (RIL) announced a net profit of Rs. 4,110 crore for the quarter ended June 30, 2008, an increase of 13 per cent compared to the previous period. The turnover increased by 38 per cent to Rs. 43,050 crore, exports by 112 per cent to Rs. 28,357 crore, profit before depreciation, interest and tax by 8 per cent to Rs. 6,347 crore and cash profit by 8 per cent to Rs. 5,486 crore.
Among business drivers for the quarter, the company stated that 36 per cent growth in revenue was due to increase in prices and a 2 per cent growth was in volumes. The Tapti block produced higher gas volumes of 1,133 mmscm and 77,400 tonnes of condensate, registering a growth of 97 per cent and 133 per cent respectively over the corresponding period of the previous year. The Panna-Mukta fields produced 3.21 lakh tonnes of crude oil and 353 mmscm of natural gas, a decrease of 30 per cent and 27 per cent respectively as compared to the corresponding period of the previous year.
“At Reliance we continued to scale new peaks in financial performance despite challenging business environment, including domestic inflation and weakening of the leading economies of the world.
“The sterling performance was made possible by our quality manufacturing assets and experienced, highly skilled people. We will play a major role in India’s energy security as we are focussing to be among the top leaders in the world in the oil and gas sphere. We are confident that the new growth drivers — oil and gas, organised retailing and agro-retail — will take Reliance to a higher growth trajectory in the medium-term,” said Mukesh Ambani, Chairman and Managing Director.