Oil production started in record time net profit of US$1.75 billion, increase of 10% exports of US$12.4 billion, increase of 57% crude processed 16.34 million tonnes 

Reliance Industries Limited (RIL) today reported its financial performance for the half year ended 30th September, 2008. Highlights of the un-audited financial results as compared to the previous period are:
• Turnover increased by 38% to Rs. 89,163 crore (US$ 19.0 billion)
• Exports increased by 57% to Rs. 58,180 crore (US$ 12.4 billion)
• PBDIT increased by 10% to Rs. 12,972 crore (US$ 2.8 billion)
• Cash Profit increased by 9% to Rs. 11,097 crore (US$ 2.4 billion)
• Net Profit increased by 10% to Rs. 8,232 crore (US$ 1.8 billion)

KEY BUSINESS DRIVERS
• 36% growth in revenue was due to increase in prices and a 2% growth was due to increase in volumes. Exports were higher by 57% at Rs. 58,180 crore (US$ 12.4 billion).
• RIL share in Tapti block production was 688 MMSCM of natural gas and 46,107 tonnes of condensate, registering a growth of 84% and 106% respectively over the corresponding period of the previous year.
• RIL share in Panna-Mukta block production was 218 MMSCM of natural gas and 202,287 tonnes of crude oil and, a decrease of 28% in each as compared to the corresponding period of the previous year. The decrease in production at Panna-Mukta was due to a shutdown in June 2008 in the PPA process platform. Partial production was restored from first week of July 2008 and full pre-shutdown production restored from 31st August 2008.
• The Jamnagar refinery processed 16.34 million tonnes of crude, a utilization rate of 99% as compared to 16.1 million tonnes of crude oil processed during the corresponding period of the previous year. Average refinery utilization was at 83.8% in North America, 83.1% in Europe and 83.5% in the Asia-Pacific region.
• Revenue for the refining and marketing segment increased by 50% from Rs 45,903 crore to Rs 68,980 crore (US$ 14.7 billion) mainly due to high product prices driven by high crude oil prices. Increase in prices accounted for 43% of growth in revenue while higher volumes accounted for 7%. Exports of refined products were at US$ 10.3 billion. This accounted for 11.0 million tonnes of product volume as compared to 10.8 million tonnes for the corresponding period of the previous year.
• Production of petrochemical products increased from 9.8 million tonnes to 10.0 million tonnes, an increase of 2%.
• Consumption of raw materials and purchase of traded goods increased by 59% from Rs 44,284 crore to Rs 70,232 crore (US$ 15.0 billion) mainly on account of higher crude and naphtha prices and lower purchase of traded goods due to reduction in retail marketing of transportation fuels.
• The capital expenditure for the period was Rs. 11,401 crore (US$ 2.4 billion) primarily in oil and gas business.

COMMENTING ON THE RESULTS, MUKESH D. AMBANI, CMD, RELIANCE INDUSTRIES LIMITED SAID:
"It has been an exciting quarter at Reliance Industries. We have started production of oil from the KG basin and soon will emerge as key hydrocarbons major. At Reliance, we are at the final leg of capital expenditure in our key businesses and will see cash flows from these investments in the following quarters. Leading economies across the globe are passing through some unprecedented times. Our businesses are gearing to meet these emerging challenges." gas business.

PETROCHEMICALS BUSINESS
The polymer business witnessed stable production volumes of PP, PE and PVC at 1,654 KT. RIL produced 916 KT of ethylene and 363 KT of propylene, a decrease of 2% each over the corresponding period of the previous year. Polyester production volume (PFY, PSF and PET) remained stable at 774 KT. RIL has maintained its focus on specialty products which account for 55% each of PSF and PFY production. RIL’s polyester intermediates (PX, PTA and MEG) production was stable at 2,354 KT during the period
under review.

source:www.ril.com