RIL beats forecast, net profit jumps 32% in Q4

Reliance Industries on Tuesday said its net profit rose 32 per cent in the fourth quarter, aided by stronger margins from its refining business. 

RIL reported a net profit of Rs 5,589 crore in the quarter ended March 31, 2013 as compared to Rs 4,236 crore in the same quarter of the previous year. According to a Reuters poll, analysts expected Reliance to report a net profit of Rs 5,480 crore in the fourth quarter.

The company's turnover was, however, down 1.4 per cent in the fourth quarter to Rs 86,618 crore. RIL said its gross refining margin rose to $10.1/bbl for the quarter.

Reliance Industries has informed BSE that its board at its meeting held on April 16, 2013, has recommended a dividend of Rs 9.00 per fully paid-up equity share of Rs 10 each.

The dividend on equity shares, if declared by the Members at the 39th annual general meeting of the company, scheduled to be held on June 06, 2013, will be credited/ dispatched to the members between June 07, 2013 and June 13, 2013.

RIL achieved a turnover for the year ended 31st March 2013 of Rs 371,119 crore, an increase of 9.2 per cent on a year-on-year (Y-o-Y) basis. The refining business revenues increased by 11.6 per cent, petrochemicals by 9.3 per cent while oil & gas revenues decreased by 35.2 per cent on account of lower production.

Commenting on the results, Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited said: "Reliance has delivered another year of strong operating performance in an environment of continued volatile economic conditions. The growth in earnings was largely driven by strong and improved refining margins during the year."

He added, "We are delighted to see our retail business achieving a milestone of annual revenue crossing Rs 10,000 crore and will further strengthen our position in this sector. We are working on projects that form the foundation of our aspirations to become one of the world's most competitive producers of petroleum and petrochemical products while developing consumer centric businesses in India."