RIL posts 30 pc surge in Q4 net profit

Written by: Samyuktha
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Mumbai, Apr 24: Riding on high refining and gas output, Reliance Industries Ltd on Friday, Apr 24 evening reported a 30 per cent surge in its fourth quarter profit.

The Mukesh Ambani-led energy behemoth posted net profit of Rs 4,710 crore ($1.1 billion) for the Jan-Mar 2010 quarter as against Rs 36.3 billion recorded in the corresponding 2009 quarter.

"We continue to seek growth opportunities within India and globally to accelerate further value creation," Ambani said in a statement.

Even though the company broke the 1 billion dollars mark for the first time, the fourth quarter results were not up to the market expectations as the company suffered low refining margins.

Refining margins for the quarter were reported at 7.50 dollars a barrel, which is lower than the rate of 12.20 dollars a barrel, which was seen in the previous fiscal year.

The company restated year-ago results to include figures from Reliance Petroleum. It was the petrochemicals business which gave RIL the boost it required.

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