Better refining margins boost Reliance Q4 net profits to Rs 5631 crores

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 Better refining margins boost Reliance Q4 net profits to Rs 5631 crores
Reliance Industries: Quotes, News
BSE 1054.15BSE Quote5.75 (0.55%)
NSE 1054.05NSE Quote6.8 (0.65%)
Reliance Industries has reported net profits largely in line with analysts estimates with Q4 net profits at Rs 5631 crores for the period ending March 31, 2014. The profits were boosted by the better than expected gross refining margins of $ 9.3/bbl for the quarter.

Revenues at the company during the quarter were placed at Rs 97,807 crores. The company has declared a dividend of 95 per cent.

Meanwhile, RIL said that the company along with its partners announced two significant hydrocarbon discoveries during the year.

In May 2013, RIL, BP and NIKO announced a significant gas and condensate discovery in the KG-D6 block off the eastern coast of India. The discovery, named ‘D55', is expected to add to the hydrocarbon resources in the KG-D6 block. In August 2013, RIL and BP announced a new gas condensate discovery off the east coast of India in the Cauvery basin. The discovery, in the deepwater block CY-DWN-2001/2 (CY-D5), is situated 62 kilometers from the coast in the Cauvery basin and is the second gas discovery in the block.

During the year, JV completed 6 wells in Panna "L" area and 6 infill wells in the PJ/ PG areas which has resulted in additional volumes to partially arrest the production decline.
As part of the Mukta field development, the Mukta-B development plan was submitted and approved by Management Committee. The production from Mukta-B development is likely to start in FY16.

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