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The oil-to-petrochemicals major Reliance Industries has registered a net profit of Rs.3,852 crore for the second quarter of this fiscal which ended on Sep 30 registering a 6.41% dip from the Rs.4,116 crore logged during the Q2 of 2008-09 fiscal.
The fall in profit, which was in line with analysts' prediction, was due to lower refining margins and were partially offset by the gas production from the D6 block in the Krishna-Godavari basin.
But the turnover of the firm has witnessed a 6.1% growth from the Rs.46,014 crore logged during last fiscal to be registered at b Rs.48,843 crore
"The timely completion of the new SEZ refinery and the deepwater, oil and gas from KG D6 block and their safe and stable ramp-up are noteworthy accomplishment for the company," said Reliance Industries chairman and managing director Mukesh Ambani.
"These projects have contributed meaningfully in RIL achieving a record level of profits despite the challenging business and economic environment," Ambani said in a statement.
The petrochemical business have registered a revenue of Rs.13,340 crore for the period under review as against the Rs.15,548 crore logged during previous fiscal.
The gross refining margin (GRM) for the six months ended Sep 30 was $6.3 per billion barrels, as against $14.4 per billion barrels in the first half last fiscal.
Decrease in prices accounted for 45.2 percent reduction in revenues, partially offset by higher volumes that accounted for 36.5 percent growth in income.
The earnings per share also saw a dip to Rs.23.4 from Rs.27.
