NEW DELHI: Reliance Industr , India's biggest company by market value on Thursday reported 14
per cent increase in net profit at Rs 5,376 crore in the fourth quarter of the
past fiscal as natural gas production from its mainstay field declined.
Net profit in three months ending March 31 rose 14.1 per cent to Rs 5,376 crore, or Rs 16.4 per share, from Rs 5,136 crore (Rs 15.7 a share) in the same period the previous year, Reliance said in a press statement here.
Gas
output from its KG-D6 field off the Andhra coast has dropped to less than 50
million standard cubic meters per day on declining pressure at the reservoir.
Reliance anticipates output will further drop to 46-47 mmscmd by next
fiscal.
Reliance did not give
average production from KG-D6 fields during the January-March quarter but
analysts anticipated it was about 20 per cent lower than 61.5 mmscmd output
achieved in March 2010.
Besides
KG-D6, gas production from Panna-Mukta and Tapti fields in western offshore also
dipped. Crude oil production from KG-D6 has also lower as wells produced higher
water.
Revenues from oil and gas
business declined 5 per cent to Rs 4,104 crore in the fourth quarter while the
segment profit or earning before interest and tax (EBIT) fell 8 per cent to Rs
1,569 crore.
Reliance reported
margin of $9.2, the highest in the last eight quarters, indicating recovery in
the refining business globally.
Reliance earned $9.2 on turning every barrel of crude
oil into petroleum products in the January-March quarter as against $7.5 per
barrel gross refining margin (GRM) in the same period a year ago.
Revenues from the segment was up 22 per
cent at Rs 62,704 crore and EBIT rose 26 per cent to Rs 2,509 crore.
BY ANIMA SINHA
PGDM -2sem
per cent increase in net profit at Rs 5,376 crore in the fourth quarter of the
past fiscal as natural gas production from its mainstay field declined.
Net profit in three months ending March 31 rose 14.1 per cent to Rs 5,376 crore, or Rs 16.4 per share, from Rs 5,136 crore (Rs 15.7 a share) in the same period the previous year, Reliance said in a press statement here.
Gas
output from its KG-D6 field off the Andhra coast has dropped to less than 50
million standard cubic meters per day on declining pressure at the reservoir.
Reliance anticipates output will further drop to 46-47 mmscmd by next
fiscal.
Reliance did not give
average production from KG-D6 fields during the January-March quarter but
analysts anticipated it was about 20 per cent lower than 61.5 mmscmd output
achieved in March 2010.
Besides
KG-D6, gas production from Panna-Mukta and Tapti fields in western offshore also
dipped. Crude oil production from KG-D6 has also lower as wells produced higher
water.
Revenues from oil and gas
business declined 5 per cent to Rs 4,104 crore in the fourth quarter while the
segment profit or earning before interest and tax (EBIT) fell 8 per cent to Rs
1,569 crore.
Reliance reported
margin of $9.2, the highest in the last eight quarters, indicating recovery in
the refining business globally.
Reliance earned $9.2 on turning every barrel of crude
oil into petroleum products in the January-March quarter as against $7.5 per
barrel gross refining margin (GRM) in the same period a year ago.
Revenues from the segment was up 22 per
cent at Rs 62,704 crore and EBIT rose 26 per cent to Rs 2,509 crore.
BY ANIMA SINHA
PGDM -2sem
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