16 April 2013 14:44 [Source: ICIS news]
LONDON (ICIS)--India’s Reliance Industries (RIL) posted a 32% year-on-year increase in net profits for the quarter to 31 March 2013 to Indian rupees (Rs) 55.89bn ($1.02bn, €785.9m), on the back of lower costs during the period, the company said on Tuesday.
The profits were generated despite a fall in operating income year on year, from Rs851.8bn in its fiscal fourth quarter 2011 to Rs841.9bn for the fiscal fourth quarter 2012.
The rise in net profit was partly driven by a drop in expenses, particularly in the cost of materials consumed. Total expenses were down 3.3% year on year and 11% quarter on quarter at Rs786.1bn.
Petrochemicals segment earnings before interest and tax (EBIT) were down 13% year on year to Rs18.95bn, despite a 3.5% increase in revenues to Rs221.58bn.
RIL's financial year concludes at the end of each March.
The company posted a 4.8% increase in net profit for its fiscal full-year 2012 compared with 2011, to Rs210.03bn. Petrochemical EBIT for the period was down 18% to Rs73.28bn, in audited standalone segment accounting terms, despite a 9.3% increase in segment revenues to Rs881.08bn.
($1 = €0.77, $1 = Rs54.54, €1 = Rs71.12)
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