Reliance Industries Ltd (RIL) posted a marginal rise in net profit for the fourth quarter ended March 31 at ₹5,631 crore, a 0.8 per cent increase from the ₹5,589 crore reported in the year-ago period.
Turnover rose 13 per cent to ₹97,807 crore. The board of directors has recommended a dividend of ₹9.50 per fully paid-up equity share of ₹10, aggregating ₹3,268 crore, including dividend distribution tax.
Higher refining margins during the quarter offset the decline in earnings from RIL’s core oil and gas exploration and production (E&P) business.
While revenue from refining and marketing improved 12.5 per cent in the fourth quarter to ₹87,624 crore against ₹77,872 crore a year ago, revenue from the E&P business was at ₹1,417 crore, declining 11.3 per cent.
RIL said its KG-D6 field produced 178 BCF (billion cubic feet) of natural gas in 2013-14, a fall of 47 per cent from a year ago.
Meanwhile, the company’s gross refining margins (GRMs) — the difference between the cost of processing crude and the selling price of the finished petroleum product — rose to $9.30 a barrel for the quarter from $7.60 in the previous quarter.
‘Satisfying year’ For the full year, the company’s net profit grew a modest 5 per cent to ₹21,984 crore in FY14 against ₹21,003 crore in FY13.
“FY14 was a satisfying year for RIL. The refining business delivered the highest-ever profits with a sharp recovery in GRMs towards the end of the year. Petrochemical earnings grew sharply with margin expansion across polymers and downstream polyester products,” said Mukesh Ambani, Chairman and Managing Director.
“We have also accelerated efforts to roll out our 4G services across the country, which will add an exciting new dimension to our consumer-facing service offerings,” he added.