OREANDA-NEWS. October 18, 2011. Reliance Industries Limited (RIL) reported its financial performance for the quarter half year ended 30th September, 2011. Highlights of the un-audited financial results as compared to the corresponding period of the previous year are:

(In Crore)

2Q

FY12

1Q

FY12

2Q

FY11

%

Change wrt 2Q FY11

1H

FY12

1H

FY11

%

Change wrt 1H FY11

Turnover

80,790

83,689

59,962

34.7%

164,479

120,969

36.0%

PBDIT

10,946

11,005

10,068

8.7%

21,950

20,132

9.0%

Profit Before Tax

7,317

7,264

6,149

19.0%

14,581

12,187

19.6%

Net Profit

5,703

5,661

4,923

15.8%

11,364

9,774

16.3%

EPS (?)

17.4

17.3

15.1

15.2%

34.7

29.9

16.1%

Highlights of Half Year’s Performance

•           Turnover increased by 36.0% to 164,479 crore (USD  33.6 billion)

•           Exports increased by 52.2% to 101,872 crore (USD  20.8 billion)

•           PBDIT increased by 9.0% to 21,950 crore (USD  4.5 billion)

•           Profit Before Tax increased by 19.6% to 14,581 crore (USD  3.0 billion)

•           Cash Profit increased by 4.6% to 17,828 crore (USD  3.6 billion)

•           Net Profit increased by 16.3% to 11,364 crore (USD  2.3 billion)

•           Gross Refining Margin at USD  10.1/bbl for the quarter and USD  10.2/bbl for the half year ended 30th September 2011

Corporate Highlights

•           Reliance Industries Limited (RIL) announced a rich gas and condensate discovery in the very first well drilled in the block CY-PR-DWN-2001/3(CYPR-D6) located in deepwater Cauvery-Palar basin. The block with an area of about 8600 sq km was awarded to RIL under the bidding round of NELP-III. This is one of the exploration blocks where BP has 30% participating interest.

•           On 30th August 2011, RIL and BP announced the completion of BP’s acquisition of a 30% stake in 21 oil and gas production sharing contracts (PSCs) that Reliance operates in India, including the producing KG- D6 block.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “Our first half financial performance has been consistent. The increase in profits was largely driven by improved performance in the refining and petrochemicals business. All our manufacturing facilities operated at record levels with refineries achieving operating rates of 110%. RIL has strong balance sheet and sustained earning base to pursue growth opportunities.”