RIL Reported Its 9M Financial Performance

OREANDA-NEWS. January 22, 2013. Reliance Industries Limited (RIL) reported its financial performance for the quarter / nine months ended 31st December, 2012. Highlights of the un-audited financial results as compared to the corresponding period of the previous year are:

(In Crore)	3Q FY13	2Q FY13	3Q FY12	% Change wrt2Q FY13	% Change wrt3Q FY12	9M FY13	9M FY12	% Change wrt9M FY12
Turnover	96,307	93,266	87,480	3.3%	10.1%	284,500	251,958	12.9%
PBDIT	10,113	9,889	9,002	2.3%	12.3%	28,717	30,952	(7.2%)
Profit Before Tax	6,850	6,846	5,738	0.1%	19.4%	19,164	20,319	(5.7%)
Net Profit	5,502	5,409	4,440	1 .7%	23.9%	15,414	15,804	(2.5%)
EPS (?)	17.0	16.7	13.6	1 .8%	25.0%	47.5	48.3	(1.7%)

Highlights of Nine Month’s Performance

• Revenue (turnover) increased by 12.9% to ' 284,500 crore (USD 51.7 billion)

• Exports increased by 14.6% to ' 179,581 crore (USD 32.7billion)

• PBDIT at ' 28,717 crore (USD 5.2billion)

• Profit Before Tax at ' 19,164 crore (USD 3.5 billion)

• Cash Profit at ' 22,561 crore (USD 4.1 billion)

• Net Profit at ' 15,414 crore (USD 2.8 billion)

• Gross Refining Margin at USD 9.0/bbl for the nine month ended 31st December 2012

Highlights of Quarter’s Performance- 3Q FY13 v 2Q FY13

• Revenue (turnover) increased by 3.3% to ' 96,307 crore (USD 17.5 billion)

• Exports increased by 16.6% to ' 66,915 crore (USD 12.2 billion)

• PBDIT increased by 2.3% to ' 10,113 crore (USD 1.8 billion)

• Profit Before Tax increased by 0.1% to ' 6,850 crore (USD 1.2 billion)

• Cash Profit increased by 2.0% to ' 7,938 crore (USD 1.4 billion)

• Net Profit increased by 1.7% to ' 5,502 crore (USD 1.0 billion)

• Gross Refining Margin at USD 9.6/bbl

Corporate Highlights

• On 25 September 2012, RIL and the Venezuelan state oil company, Petroleos de Venezuela, SA (PDVSA) signed a 15 year heavy crude oil supply contract and an MOU to further develop Venezuelan heavy oil fields. PDVSA will supply between 300,000 and 400,000 barrels per day of Venezuelan heavy crude oil to Reliance’s two refineries in Jamnagar under a 15-year crude oil supply contract. As per the MOU, Reliance will explore upstream options for joint participation in heavy oil projects of the Orinoco Oil Belt.

• RIL selected Fluor Corporation to provide project management services for its projects being executed at its refining and petrochemical complex in Jamnagar, India. These projects represent one of the largest investments globally.

• RIL selected Phillips66’s E-Gas™ technology for its coke gasification facility. This facility will process petroleum coke & coal into synthesis gas. Phillips66 will license the technology to RIL and also provide process engineering design and technical support relating to the gasification technology process area.

• RIL has selected Technip as a technology supplier and engineering contractor to implement its Refinery Off-Gas Cracker (ROGC) project. This is part of the petrochemical expansion project being executed at Jamnagar, India. The ROGC plant will be amongst the world’s largest ethylene crackers and will be using refinery off-gas as feedstock. This plant will provide feedstock for new downstream petrochemical plants also being built at Jamnagar.

• Reliance Industries Limited (RIL) has selected Foster Wheeler as an engineering and procurement services contractor for its Paraxylene project. This is part of the expansion project

being executed at RIL’s world-scale Jamnagar refining and petrochemical complex in Gujarat, on the West Coast of India.

• Reliance Exploration & Production DMCC, wholly owned subsidiary of RIL has completed the transaction for divestment of its 80% working interest and operatorship in the production sharing contracts (PSCs) for Rovi and Sarta Blocks in the Kurdistan Region to the subsidiaries of Chevron.

• Reliance Exploration and Production DMCC, a wholly owned subsidiary of Reliance Industries Ltd. (RIL), has signed the completion documents for divestment of its 25% Working Interest in the Production Sharing Contract (PSC) for Yemen Block-9 with Medco Yemen Malik Ltd., a wholly owned subsidiary of PT Medco Energi Internasional Tbk of Indonesia. The effective economic date of the transaction is 1st January, 2012 and the transaction has been approved by the Ministry of Oil and Minerals of Yemen.

• The Government of India, by its letter of 02 May 2012 has communicated that it proposes to disallow certain costs which the PSC relating to Block KG-DWN-98/3 entitles RIL to recover. RIL maintains that a contractor is entitled to recover all of its costs under the terms of the PSC and there are no provisions that entitle the Government to disallow the recovery of any contract cost as defined in the PSC. RIL has initiated arbitration on this issue.

• The Board of Ex-Im Bank of the United States has voted to extend the single largest financing transaction of USD 2.1 billion to Reliance Industries Limited (RIL). This includes a USD 1.06 billion direct loan and to guarantee a USD 1.06 billion JPMorgan Chase loan to the Company. The loan will be primarily used to finance goods and services procured from exporters and suppliers in the United States as part of Reliance's expansion projects at Jamnagar, Gujarat.

• RIL signed a USD 2 billion equivalent loan with nine banks covered by Euler Hermes Deutschland AG. ("Euler Hermes”) in May 2012. The loan will be primarily used to finance goods and services procured from German suppliers as part of the petrochemical expansion projects at Jamnagar, Hazira, Silvassa and Dahej in India.

• The Scheme of Amalgamation of Reliance Jamnagar Infrastructure Limited (RJIL) with Reliance Industries Limited (RIL) ("Scheme”) has been sanctioned by the Honorable High Court of Gujarat at Ahmedabad vide its Order dated October 8, 2012. The Scheme became effective on 22ndOctober 2012, the appointed date of the Scheme being 1 stApril 2011.

• The Global Reporting Initiative (GRI) has awarded A+ level to RIL’s Sustainability Report 2011 - 12. This is the 7th consecutive year that RIL has received the highest application level on sustainability reporting. RIL is also the first Indian company to adhere to the GRI 3.1 Oil & Gas Sector Supplement, released in February 2012.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said:“RIL’s performance has improved in this quarter with margin expansion in petrochemicals and record earnings in the refining business. We are investing over Rs 100,000 crore by expanding our petrochemical capacities and adding value to our refining business. These investments will secure a significant change in RIL’s earning capacity on commissioning of these projects. It will also provide employment opportunity for thousands of young Indians and support India’s economic growth”.