Turnover, profit rise at Reliance Industries

ERJ staff report (DS)

Mumbai, India -- Reliance Industries Limited (RIL) has released its financial results for the 12 months ended 31st March, 2011.

Turnover increased by 29 percent to `Rs 2581 billion (euro 44 000 million). Pre-tax profit increased by 23 percent to `Rs252 million ($ 3889 million)

RIL said, "The petrochemicals segment recorded its highest ever EBIT for the year at Rs 93 050 million ($ 2.1 billion), an increase of 8 percent on y-o-y basis. EBIT margin for the year was at 14.7 percent as compared to 15.5 percent in the previous year due to base effect of higher revenues. Margin improvement in the polyester chain, polypropylene and rubber products was partly offset by lower margin in polyethylene (PE)." RIL said, "In the chemicals business, the C4 chain (Butadiene and Synthetic Elastomers) witnessed margin expansion during the entire year," The company continued, "In the chemicals business, the C4 chain (Butadiene and Synthetic Elastomers) witnessed margin expansion during the entire year, "

The company said that during the year, "RIL and SIBUR announced a JV for the production of butyl rubber in India. The JV facility will have an initial capacity of 100,000 tons of butyl rubber at RIL's integrated refining-cum-petrochemical site in Jamnagar, India and is expected to be commissioned by 2013. RIL will have a majority stake in the JV."

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Press release from RIL