Petrochemicals biz achieves record quarterly performance, RIL

Reliance Industries Limited (RIL) reported its financial performance for the quarter / nine months ended 31st December, 2010.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said:
“Reliance had another record quarter as both refining and petrochemical margins continued to improve and for certain products recorded historic levels. Robust demand growth in home markets and highly competitive assets enabled Reliance to have industry leading operating rates and margins.”
Turnover achieved for the nine months ended 31st December 2010 was Rs. 183,368 crore (US$ 41.0 billion), an increase of 30.9% over the corresponding period of the previous year. Increase in volume accounted for 15.3% growth in revenue and higher prices accounted for 15.6% growth in revenue. Exports were higher by 29.2% at Rs. 100,995 crore (US$ 22.6 billion) as against Rs. 78,182 crore (US$ 16.8 billion) in the corresponding period of the previous year.
Consumption of raw materials increased by 28.7% to Rs. 134,975 crore (US$ 30.2 billion) mainly on account of higher crude oil prices as well as higher volume of crude oil processed in the SEZ refinery. Purchases for traded goods decreased from Rs. 2,389 crore to Rs. 1,223 crore.
Petrochemicals Business
This was the best quarter ever for petrochemicals segment with respect to production, revenue and EBIT. Petrochemicals segment EBIT was at Rs. 2,429 crore, higher by about 9% over previous quarterly high of Rs. 2,222 crore in 4Q FY 0910. Performance of the segment reflects the strong domestic demand in most of the products and lower than expected impact on margins due to commissioning of new capacities, based on advantaged feed stock, in Middle East.

Read More about Petrochemicals biz achieves record quarterly performance, RIL @ Fibre2fashion