Reliance Q2 net profits at Rs 5490 crores; beats estimates

Business

oi-Sunil

By Sunil Fernandes

Updated: Tuesday, October 15, 2013, 14:41 [IST]

India's largest private sector company, Reliance Industries reported net profits that beat estimates, at Rs 5490 crores for Q2 2013-2014. Revenues for Q2 ending Sept 30, 2013 were placed at Rs 106,523 crores, up 14.2%.

Operating profit before other income and depreciation increased by 2.3% on a Y-o-Y basis from Rs 14,588 crore to Rs 14,924 ($2.4billion) crore due to higher margins in the refining and petrochemicals business.

The Petchem margin, which came at 10.05 per cent, is extremely positive for the company.

The gross refining margins at the company came in at $7.7 billion.

The retail business turnover rose 41 percent Y-o-Y to Rs 6,930 crore for the first six months of the financial year to Rs 3,456 crore in the second quarter. "The business operates 10 million sq. ft. of retail space with the addition of 58 stores across all formats. It now operates over 1,550 stores across 136 cities in India," the company said in its release.

The share price of Reliance is expected to open higher in trade on Tuesday.

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