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Reliance Q2 profits at Rs 5376 crores; gas output falls

Reliance Q2 profits at Rs 5376 crores; gas output falls
Reliance Industries reported a net profit of Rs 5376 crores for Q2 2013, which was in line with market expectations, as the petchem business and the refining business continued to perform well. However, falling gas output from the KG basin continues to be a drag for the company.

The PBDIT increased to Rs 9,817 crore, showing a growth of 13.5% quarter-on-quarter. Revenues (turnover) decreased by 1.7% to Rs 93,265 crore in comparison to the previous quarter.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: "RIL's 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. RIL's facilities continued to deliver operating excellence and this is a true testimony of the quality of our manufacturing assets and human talent. On a sequential quarter basis, net profit for the quarter was up 20% 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".

However, gas output for the company continues to decline and Reliance hopes to arrest the falling gas output.

Cumulative production from the block was 1.7 million barrels of crude oil and 197 BCF of natural gas in 1H FY13, reduction of 37% and 35.1% respectively on a Y-o-Y basis. This reduction was due to reservoir complexity and natural decline. Production of gas condensate was 0.3 million barrels, reduction of 25% over the previous period.

However, the company has said that along with its partners it remains committed towards maximizing hydrocarbon opportunities from the block a number of initiatives have been taken.

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