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RIL’s oil, gas, petchem segment Q4 net up 6.7% at Rs 8,697 cr

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Mumbai, April 27 (IANS) Reliance Industries (RIL) on Friday reported a 6.7 per cent rise in the net profit of its hydrocarbons business for the fourth quarter ending March at Rs 8,697 crore on the back of strong performance in the petrochemicals segment and higher inventories.

The Mukesh Ambani-led RIL had posted a profit after tax (PAT) of Rs 8,151 crore for the hydrocarbons segment in the same quarter last year, the company said in a statement here.

RIL said it benefitted from higher volumes on account of ther ramp-up of the recently commissioned refinery off-gas cracker (ROCG) and petchem expansion projects.

The 1.5 million tonnes per annum (mtpa) capacity ROCG at Jamnagar in Gujarat along with downstream plants and utilities was commissioned on January 2 this year.

Segment revenues during the quarter in consideration at Rs 87,227 crore jumped 16.9 per cent, over the revenue of Rs 74,598 crore during the Jannuary-March quarter of last year.

The company said the surge in revenue was primarily on account of volume increase with commissioning of petrochemicals projects, and oil price related increase in realisations for refining and petrochemical products.

Gross refining margin (GRM) for the fourth quarter dipped somewhat at $11 per barrel from $11.5 in same quarter last year.

The refining and marketing business reported a revenue of Rs 93,519 crore for the quarter, as compared to Rs 72,045 crore last year, up 28.9 per cent, primarily on account of higher crude prices during the year.

The petrochemical business reported a revenue of Rs 38,113 crore, as compared to Rs 26,478 crore, up 43.9 per cent year-on-year, mainly on account of higher volumes from new Paraxylene, ROGC and its downstream units.

The oil and gas exploration and production business reported a revenue of Rs 746 crore in the quarter in question, as compared to Rs 1,309 crore last year, down 43 per cent as volumes from conventional fields and US shale were lower on account of the natural decline and slowdown in development activity.

Commenting on the results, Chairman Mukesh Ambani said in a statement: “Reliance has become the first Indian company to record PBDIT (profit before depreciation interest and taxes) of over $10 billion with each of our key businesses – refining, petrochemicals, retail and digital services achieving record earnings performance.”

With results coming after close of market hours, the RIL stock closed higher on Friday at Rs 994.75 a share, up Rs 19.40, or by 1.99 per cent, over its previous close on the BSE.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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