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 Revenue (turnover) increased by 9.6% to ` 81,651 crore ($ 12.3 billion)

PBDIT increased by 24.8% to ` 13,551 crore ($ 2.0 billion)

EBIT margin at 11.3%, up by 148bps

Profit Before Tax (excluding exceptional item) increased by 40.8% to ` 9,884 crore ($ 1.5 billion)

Cash Profit (excluding exceptional item) increased by 27.7% to ` 10,341 crore ($ 1.6 billion)

Net Profit (excluding exceptional item) increased by 43.1% to ` 7,206 crore ($ 1.1 billion) 

 

Reliance Industries on Thursday reported a drop of nearly 23% in net profit for the quarter ended on September 30, 2016. The company's consolidated net profit declined to Rs 7,206 crore from Rs 9,345 crore during the quarter ended on September 30, 2015.

The company said, "2Q FY16 included exceptional items which represents the net impact on account of sale of an associate EFS Midstream LLC and provision for impairment in Reliance Holding USA Inc. The gain on sale of investment in EFS Midstream LLC was Rs 4,574 crore while the provision for impairment in shale gas assets was Rs 264 crore." Profit after tax excluding exceptional items was higher by 43.1% at Rs 7,206 crore ($1.1 billion) as against Rs 5,035 crore in the corresponding period of the previous year, it said. 

Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “The Company has achieved outstanding second quarter results with strong refining business performance and record petrochemicals segment earnings. Refining business sustained high profitability in a tough environment highlighting our exceptional refining assets, dynamic response to market trends and robust operations. Petrochemicals segment gained significantly from higher volumes, integration and supportive product margins."

As per the regulatory filing, the company's total income increased from Rs 75,950 crore in Q2FY16 to Rs 84,044 crore in Q2FY17. Increase in revenue is primarily on account of increase in volumes in refining, petrochemical and retail businesses, it said. 

From the Oil & Gas segment, the EBITDA margin stood at 3.4% as compared to 11.7% year-on-year basis due to decline in KG-D6 output by 32% at 25.1bcf y-o-y.

Reliance said, "Exports from India operations were lower by 11.5% at Rs 37,717 crore ($ 5.7 billion) as against Rs 42,636 crore in the corresponding period of the previous year due to lower product prices."

Outstanding debt as on 30th September 2016 was Rs 189,132 crore ($ 28.4 billion) compared to Rs 180,388 crore as on 31st March 2016. 

The shares of the company closed at Rs 1088.50 per piece, up 0.15%, or Rs 1.60.