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RIL’s Q3 refining and marketing revenue up 23%

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Mumbai, Jan 19 (IANS) Industrialist Mukesh Ambani-led Reliance Industries Ltd (RIL) on Friday reported an increase of 23 per cent in revenues earned from its refining and marketing segment during the third quarter of 2017-18.

According to the company, the 3Q FY18 revenue from the refining and marketing segment increased by 23 per cent on a Y-o-Y (year-on-year) basis to Rs 75,865 crore ($11.9 billion) aided by 24 per cent higher Brent oil prices.

“Our refining business has delivered 12 consecutive quarter of double-digit refining margins, demonstrating operating excellence and healthy industry fundamentals,” said Mukesh D. Ambani, Chairman and Managing Director, RIL.

“Benefits of the large investments in petrochemical business are beginning to show with the segment reporting its highest ever earnings.”

Segment-wise EBIT (Earnings Before Interest and Taxes) marginally decreased by 0.5 per cent Y-o-Y to Rs 6,165 crore ($1 billion). Gross Refining Margins (GRM) for 3Q FY18 stood at $11.6 per bbl as against $10.8 per bbl in 3Q FY17.

“RIL’s GRM outperformed Singapore complex refining margins by $4.4 per bbl,” the company said in a statement.

Further, the company’s 3Q FY18, revenue from the petrochemicals segment increased by 47.6 per cent Y-o-Y to Rs 33,726 crore ($5.3 billion) due to higher volumes and prices.

“Petrochemicals segment EBIT was at a record level of Rs 5,753 crore ($901 million) supported by strong volume growth, higher margins for Polypropylene and downstream polyester products,” the statement said.

Besides, the revenues from the company’s oil and gas — exploration and production — business increased by 34.2 per cent Y-o-Y to Rs 1,631 crore due to commencement of CBM (coal-bed methane) production and higher oil and gas price realisation.

–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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