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RIL net drops 5.7% to Rs 5,376 crore

Reliance Industries on Monday reported 5.7 per cent drop in net profit in the second quarter at Rs 5,376 crore (Rs 53.76 billion) because of fall in revenue from oil and gas operations and refining business.

Net profit, however, was up 20 per cent from Rs 4,473 crore (Rs 44.73 billion) earning in the first quarter.

Also, profits before tax was up 25 per cent on a sequential basis to Rs 6,803 crore (Rs 68.03 billion).

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RIL net drops 5.7% to Rs 5,376 crore

RIL said it earned $9.5 on turning every barrel of crude oil into fuel in July-September quarter as compared to a gross refining margin of $10.1 a barrel in the same month a year ago.

Revenue from its oil and gas business was down 36.7 per cent to Rs 2,254 crore (Rs 22.54 billion) on back of fall in natural gas output.

Commenting on the results, RIL Chairman and Managing Director Mukesh D Ambani said business and financial performance for the first half of FY 2012-13 has been satisfactory despite weakness in global economies and the resultant margin environment.

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RIL net drops 5.7% to Rs 5,376 crore

"RIL's facilities continued to deliver operating excellence and this is a true testimony of the quality of our manufacturing assets and human talent," he said.

"On a sequential quarter basis, net profit for the quarter was up 20 per cent at $1 billion.

"Despite current weakness in global economies, we continue to invest in our long-term growth projects to deliver sustainable value to all our stakeholders".