RIL net profit rises 16.7% in Q1

The net profit of Mukesh Ambani-controlled Reliance Industries (RIL) RIL rose 16.7 per cent in the first quarter to Rs 5,661 crore as compared to the same period of the previous year.

The turnover of the company surged 37.2 per cent to Rs 83,689 crore during the June quarter of this year.

Revenues from its oil and gas segment revenues however dipped 16.5 per cent. RIL's production from KG-D6 was 1.41 million barrels of crude and 156.2 BCF of natural gas, a decline of 41 per cent and 18 per cent over the same period of the previous year.

RIL, which operates the world's largest refining complex at Jamnagar in Gujarat, said it earned $10.3 for turning every barrel of crude oil into petroleum products or fuel as opposed to $7.3 per barrel gross refining margin in Q1 of 2010-11 fiscal.

Reliance Chairman and Managing Director Mukesh Ambani said: "The growth in earnings was driven by strong refining margins and sustained performance in the petrochemicals business. Our cash flows give us the unparalleled opportunity to allocate capital to higher-margin resource plays in leading markets around the world."

On Friday, the government finally cleared UK's BP Plc buying 30 per cent stake in most of Reliance Industries' oil and gas blocks, including the showpiece KG-D6 gas fields, for $7.2 billion.

The Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Manmohan Singh, approved BP buying stake in RIL's 21 blocks.

--With PTI inputs