RIL Q2 profit falls 5.7 per cent to Rs 5,376 crore

Reliance Industries (RIL) has reported 5.7 per cent drop in net profit in the July-September quarter - its fourth in a row - to Rs 5,376 crore due to fall in revenue from oil and gas operations and refining business.

Revenue from its oil and gas business was down 36.7 per cent to Rs 2,254 crore on the back of fall in natural gas output.

RIL said it earned $9.5 on turning every barrel of crude oil into fuel in July-September quarter, compared to a gross refining margin (GRM) of $10.1 a barrel in the same month a year ago.

Net profit, however, was up 20 per cent from Rs 4,473 crore in the first quarter. Also, profits before tax was up 25 per cent on a sequential basis to Rs 6,803 crore.

Chairman and Managing Director Mukesh Ambani said: "Business and financial performance for the first half of FY13 has been satisfactory despite weakness in global economies and the resultant margin environment."

"RIL's facilities continued to deliver operating excellence and this is a true testimony of the quality of our manufacturing assets and human talent," he said.

"On a sequential quarter basis, net profit for the quarter was up 20 per cent at $1 billion. Despite current weakness in global economies, we continue to invest in our long-term growth projects to deliver sustainable value to all our stakeholders," Ambani added.

Shares of the company had ended the day's trade 0.54 per cent higher at Rs 823.20 on hopes of better earnings by the company.

With inputs from PTI