RIL Q3 net drops 13.6 per cent to Rs4,440 crore
20 Jan 2012
Reliance Industries Ltd (RIL) today reported a 13.6 per cent drop in its fiscal third quarter (October-December 2011-12) net profit, at Rs4,440 crore against Rs5,136 in the third quarter of the previous fiscal.
RIL had posted a net profit of Rs5,703 crore for the July-September quarter of the current fiscal.
Net sales of the company stood at Rs85,135 crore during the third quarter of fiscal year 2012, up 40.2 per cent from Rs62,399 crore in the previous year period. RIL attributes the decline in net profit to lower gross refining margin of $6.80 a barrel during the quarter.
Profit before tax for the three-month period ended December 2011 was down 10 per cent at Rs5,738 crore against Rs6,378 crore during the year-ago quarter. It was also higher at Rs7,317 crore during the second quarter of the current fiscal.
Earnings per share (EPS) also stood 15.3 per cent lower at Rs13.6 during the October-December 2011-12 quarter against Rs15.7 in the year-ago quarter. It was Rs17.4 in the second quarter of the current fiscal.
The board of directors of Reliance Industries, which met today, also approved a buyback of shares, worth up to Rs10,440 crore, from the open market.