Mumbai Jan 19 (IANS) Industrialist Mukesh Ambani-led Reliance Industries Ltd (RIL) on Friday reported an increase of 23 per cent in revenues earned from its refining and marketing segment during the third quarter of 2017-18.
According to the company the 3Q FY18 revenue from the refining and marketing segment increased by 23 per cent on a Y-o-Y (year-on-year) basis to Rs 75 865 crore ($11.9 billion) aided by 24 per cent higher Brent oil prices.
"Our refining business has delivered 12 consecutive quarter of double-digit refining margins demonstrating operating excellence and healthy industry fundamentals " said Mukesh D. Ambani Chairman and Managing Director RIL.
"Benefits of the large investments in petrochemical business are beginning to show with the segment reporting its highest ever earnings."
Segment-wise EBIT (Earnings Before Interest and Taxes) marginally decreased by 0.5 per cent Y-o-Y to Rs 6 165 crore ($1 billion). Gross Refining Margins (GRM) for 3Q FY18 stood at $11.6 per bbl as against $10.8 per bbl in 3Q FY17.
"RIL s GRM outperformed Singapore complex refining margins by $4.4 per bbl " the company said in a statement.
Further the company s 3Q FY18 revenue from the petrochemicals segment increased by 47.6 per cent Y-o-Y to Rs 33 726 crore ($5.3 billion) due to higher volumes and prices.
"Petrochemicals segment EBIT was at a record level of Rs 5 753 crore ($901 million) supported by strong volume growth higher margins for Polypropylene and downstream polyester products " the statement said.
Besides the revenues from the company s oil and gas -- exploration and production -- business increased by 34.2 per cent Y-o-Y to Rs 1 631 crore due to commencement of CBM (coal-bed methane) production and higher oil and gas price realisation.
--IANS
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