Mukesh Am­bani

Business Sphere - - CONTENTS - By Our Cor­re­spon­dent

In­dia's rich­est man makes a mind-bog­gling Rs 11,000 crore ev­ery day. The fig­ures speak for them­selves with Mukesh Am­bani-led Re­liance In­dus­tries Lim­ited (RIL) re­port­ing a whop­ping Rs 401,302 crore turnover for the fi­nan­cial year 2013-14 on Fri­day com­pared to Rs 371,119 crore in FY13. RIL also posted its high­est quar­terly profit in more than two years as ro­bust petro­chem­i­cal mar­gins and a surge in ex­port earn­ings on a drop in ru­pee value off­set weak­ness in the nat­u­ral gas busi­ness. Net profit rose 0.8 per cent to Rs 5,631 crore, or Rs 17.4 per share, in the Jan­uary- March pe­riod from Rs 5,589 crore, or Rs 17.3 a share, in the same pe­riod a year ago. For the full fi­nan­cial year, RIL re­ported a record net profit of Rs 21,984 crore, the high­est by any pri­vate sec­tor firm in the coun­try. Net profit was 4.7 per cent higher than Rs 21,003 crore in 2012-13. Earn­ings from oil refin­ing climbed 12.3 per cent while those from the petro­chem­i­cal seg­ment were up 10.6 per cent off­set­ting a 17.8-per cent dip in the oil and gas busi­ness, the com­pany said in a state­ment. RIL, which op­er­ates the world's big­gest refin­ing com­plex at Jam­na­gar in Gu­jarat, earned $9.3 on turn­ing ev­ery bar­rel of crude oil into fuel in the quar­ter com­pared with a gross refin­ing mar­gin of $10.1 a bar­rel a year ear­lier and $7.60 a bar­rel in the pre­ced­ing three months. Earn­ings got a boost as the ru­pee de­clined to 61.8 against the dol­lar in Q4 from 54.2 a year ear­lier. Sales rose 13 per cent to Rs 97,807 crore in Q4. Refin­ing busi­ness de­liv­ered the high­est ever profit with a sharp re­cov­ery in gross refin­ing mar­gins to­wards the end of the year. Petro­chem­i­cal earn­ings grew sharply with mar­gin ex­pan­sion across poly­mers and down­stream polyester prod­ucts. "While we con­tinue to face tech­ni­cal chal­lenges in grow­ing do­mes­tic up­stream pro­duc­tion, the US shale gas busi­ness grew sig­nif­i­cantly dur­ing the year and has be­come a ma­te­rial con­trib­u­tor to our earn­ings," RIL chair­man and man­ag­ing di­rec­tor Mukesh Am­bani said. Shale gas busi­ness in the US con­tin­ued to grow in 2013-14 with rev­enue jump­ing 45 per cent to $893.3 mil­lion and earn­ings be­fore in­ter­est, taxes, de­pre­ci­a­tion and amor­ti­sa­tion ris­ing 37 per cent to $659.4 mil­lion.

'FY 2013-14 was a sat­is­fy­ing year for RIL,' said Mukesh Am­bani, In­dia's Rich­est Man

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