RIL posts Q3 net profit of Rs.5,511 crore

Reliance Industries Ltd (RIL) Friday posted a net profit growth of 0.4 percent to Rs.5,511 crore for the third quarter ended December 2013 on the back of other incomes.

RIL's earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter dropped 2.9 percent to Rs.7,622 crore from the corresponding quarter of the previous year, while margin slipped 20 basis points to 7.4 percent.

The company's net revenues declined to Rs.103,000 crore in the third quarter as against Rs.104,000 crore in the previous quarter.

Other income went up nearly 12 percent to Rs.2,305 crore during the quarter over the same quarter of the previous fiscal on account of higher liquid investments.

RIL's gross refining margin in the quarter stood at $7.6 a barrel, which was lower compared to $7.7 a barrel in the previous quarter.

RIL chairman Mukesh Ambani said: "We are happy to announce the commissioning of our new polyester facility in Silvassa, the first amongst a series of projects that underpin RIL's competitive position.

"Our retail business continues on its rapid growth trajectory with 38 percent revenue growth during the quarter."

The government has allowed RIL to charge higher prices for natural gas from April on condition that the company gives a bank guarantee to settle any claims against it over shortfall in its gas output from its KG-D6 block in the eastern offshore.

The company's shares closed Friday at Rs.884.55 down 0.60 points, or 0.07 percent over its previous close on the Bombay Stock Exchange (BSE).