Mumbai, Jul 25: Severely hit by the falling demand for fuel, Reliance Industries Ltd (RIL) posted a 11.5 per dip in its net profits for the first quarter ended Jun 30, 2009.
The company's net profit stood at Rs. 3,636 crore for the quarter against Rs. 4,110 crore of the corresponding quarter of the previous year. The turnover plummeted by 22.6 per cent to Rs. 33,309 crore from Rs. 43,050 crore.
India's largest private sector company that posted its Q1 results on Friday, Jul 24 said that decline in prices accounted for a 24 per cent reduction in revenue.
While the gross refining margin was at 7.5 dollars per barrel, the net debt to equity of the company is 0.24 as on June 30, 2009.
Commenting on the results, RIL Chairman and Managing Director Mukesh D Ambani said, “Timely completion with safe and stable start up of the new SEZ refinery and the deep-water oil and gas KG D6 block are noteworthy accomplishments. These projects will not only play a significant role in shaping the future growth at RIL but more importantly will help change the energy landscape of India and the industry globally."