RIL Q2 net down 6% to Rs 3,852 cr

Reliance Industries on Thursday reported 6.41 per cent drop in its standalone profit at Rs 3,852 crore (Rs 38.52 billion) for the second quarter of the current fiscal.

The total income rose 5.88 per cent to Rs 47,476 crore (Rs 474.76 billion) during the quarter from Rs 44,839 crore (Rs 448.39 billion) in the corresponding period a year ago, RIL said in a filing to the Bombay Stock Exchange.

"The timely completion of the new SEZ refinery and the deep water, oil and gas K-G D6 block and their safe and stable ramp-up are noteworthy accomplishment for the company.

These projects have contributed meaningfully in RIL achieving a record level of profits despite the challenging business and economic environment," RIL chairman Mukesh Ambani said in statement.

The company's revenue from refining business grew nearly 9 per cent to Rs 39,564 crore (Rs 395.64 billion). On other hand, income from petrochemical business stood at Rs 13,340 crore (Rs 133.40 billion), down by 14.20 per cent.

The revenues from the oil and gas segment, which includes exploration, development and production, more than tripled to Rs 2,937 crore (Rs 29.37 billion) during the period under review.

The company's expenditure on its employees stood at Rs 596 crore (Rs 5.96 billion) in the reviewed quarter, against Rs 605 crore (Rs 6.05 billion) in the corresponding period a year ago.