RIL Q2 net profit at record $1 billion

Reliance Industries quarterly net profit rose 12.5% to a record $1 billion, or Rs 6,700 Crores.

In the September quarter, when crude prices had halved, consolidated turnover slipped 33.8% to Rs 1,13,396 Crores and exports fell 35.5% to Rs 42,636 Crores.

The company is upbeat about its new projects that are under implementation, and in the current fiscal year, the company has already made a capital investment of Rs 52,864 Crores.

Apart from the refining, the petrochemicals business has also grown. Quarterly retail sales crossed Rs 5,000 Crores for the first time. Chairman and Managing Director Mukesh Ambani felt it’s a landmark.

"Refining business performance was notable, as it benefited from a combination of high utilization levels, advantageous crude market opportunities and strong global fuels demand. Petrochemicals segment performance reflects strong volume growth, product mix improvement and lower energy costs. Reliance Retail achieved a milestone of ` 5,000 crore quarterly turnover mark for the first time, reflecting continuing growth momentum in physical retailing," he said.

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