Mumbai, Oct 16 (IANS) Reliance Industries on Friday reported a record consolidated net profit of Rs.12,942 crore ($2 billion) for the six-month period ended September 30, which is an 8.5 percent jump over last year. For the second quarter, the profit was up 12.5 percent.
The revenues, however, were down 28.5 percent during the first half at Rs.158,181 crore. For the second quarter, the revenues were down 33.8 percent, at Rs.75,117 crore, the company reported in a filing with the stock exchanges.
On a standalone basis, the net profit increased by 14.3 percent to Rs.6,561 crore ($1 billion).
In consolidated accounting, the numbers of both the company and its subsidiaries are considered, while on a standalone basis only the company’s own numbers are taken into account and not of its subsidiaries.
“We achieved record level of EBITDA (earning before interest, tax, depreciation and amortisation) and profits for the quarter, underscoring our ability to optimally utilize our assets across the value chain to leverage favourable market conditions,” chairman Mukesh Ambani said.
“Refining business performance was notable as it benefited from a combination of high utilisation levels, advantageous crude market opportunities and strong global fuels demand. Petrochemicals performance reflects strong volume growth, product mix improvement and lower energy costs.”
He also said the retail arm achieved a milestone of Rs.5,000-crore quarterly turnover mark for the first time and that its petcoke gasification facility and ethylene cracker complex remained on track for its planned 2016 start-up.
“In digital services, we have substantially completed the network roll-out across the country and initiated the process of beta testing of our network and platforms.”