Reliance Q3 net up 14.48 per cent at Rs4,008 crore

Mukesh Ambani group firm Reliance Industries Ltd (RIL) today reported a 14.48 per cent increase in its fiscal third quarter net profit at Rs4,008 crore against Rs3,501 in the same quarter of the previous year.

Net sales increased 80.13 per cent to Rs56,856 crore compared with Rs31,563 crore in the comparable quarter of the previous year.

Cash profit during the quarter increased 35.3 per cent to Rs7,103 crore and exports almost doubled to Rs35,148 crore, RIL said in a release.

Profit before interest and tax (PBIT) rose to Rs8,351 crore for the third quarter (October-December 2009-2010) - the first quarterly increase in profit over the past five quarters.

India's largest refiner and the country's largest firm managed to show an increase in its profit through higher gas sales despite a squeeze on refining margins.

On a quarter-over-quarter basis, PBIT refining margins declined to 2.9 per cent from 3.4 per cent and petrochemical PBIT margin was down at 13.9 per cent from 16.5 per cent while oil and gas PBIT margin rose to 41.8 per cent compared with 41.7 per cent in the similar quarter of the previous financial year.