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RIL’s Q1 net at Rs 9,459 cr up 4.47% on robust petchem growth

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Mumbai, July 27 (IANS) The Mukesh Ambani-led Reliance Industries (RIL) on Friday reported 4.47 per cent rise in net profit at Rs 9,459 crore for the first quarter ending June on the back of robust growth in its petrochemical business backed by higher realisation in refining.

In a statement here, the energy conglomerate said it had registered a profit after tax (PAT) of Rs 9,108 crore in the same quarter last year.

RIL said that during the quarter in consideration, its consolidated revenue from operations at Rs 1,41,699 crore increased 56.5 per cent over the Rs 90,537 crore income in the corresponding period of 2017-18.

“Increase in revenue is primarily on account of higher realisations of refining and petrochemical products led by 49 per cent Y-o-Y increase in Brent oil price. Increased revenues also reflect higher volumes with start-up and stabilisation of petrochemicals projects,” it said.

The company’s operating profit, before other income and depreciation, increased, by 64.6 per cent to Rs 20,661 crore, from Rs 12,554 crore in the same period of the last fiscal.

“Record operating performance was led by 33 per cent volume growth and significant margin improvement in petrochemicals business,” the statement said.

The first quarter revenue from the refining and marketing business at Rs 95,646 crore rose 42.9 per cent over the same quarter last year.

However, earnings before interest and taxes (EBIT) in the refining segment in the quarter fell by 16.8 per cent from last year to Rs 5,315 crore owing to lower crude throughput due to planned turnaround of one crude distillation unit and softer refining margins, the company said.

Petrochemicals business revenue during the quarter in consideration increased by 58.2 per cent to Rs 40,287 crore due to a 35 per cent rise in volumes and around 24 per cent higher realisations.

“Petrochemicals segment EBIT was at a record level of Rs 7,857 crore supported by strong Y-o-Y volume growth led by successful stabilisation of the world’s largest ROGC (refinery off-gas cracker), its downstream units and PX-4,” the statement said.

Revenue from the oil and gas business in the April-June quarter increased 8.2 per cent over last year to Rs 1,432 crore primarily due to higher gas and oil price realisation.

“Segment EBIT at Rs 447 crore was impacted by lower volumes due to natural decline. On YoY basis, domestic production declined by 11.8 per cent to 17.9 Bcfe (billion cubic feet equivalent) and production in US shale operations declined by 26.6 percent to 28.7 Bcfe,” the statement added.

On a standalone basis, RIL’s refining, petrochemicals and oil and gas businesses recorded a net profit of Rs 8,820 crore in the first quarter, as compared to Rs 8,196 crore in the June quarter a year ago.

Commenting on the numbers, RIL Chairman Mukesh Ambani said in a statement: “Financial results of 1Q FY19 underscore the strength of the petrochemicals we have reinforced over the last investment cycle. Our petrochemicals business generated record EBITDA with strong volumes and an upswing in polyester chain margins.”

With results coming in after market hours, the Reliance stock closed on Friday at Rs 1,129.60 a share, up Rs 19.25, or by 1.73 per cent on 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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