RIL to expand business in key markets: Mukesh

Reliance Industries (RIL) Chairman and MD Mukesh Ambani, in an address to RIL’s shareholders, said RIL would continue to follow its successful strategy and focus on improving its portfolio, increasing efficiency, product innovation and expanding its businesses in order to get closer to key markets.

Ambani said within a year of start of gas supply from KG D6, the supply has been ramped up to over 60 million standard cubic metres per day (mscmd) of natural gas and 35,000 barrels of crude oil per day.

“Increased availability of natural gas has resulted in higher volume and cheaper cost of indigenously produced fertilisers, thereby saving the country Rs 4,000 crore per annum in subsidies. It has also resulted in a significant improvement of 30 per cent in gas-based power generation in the country and the replacement of more expensive liquid fuel for refining, steel and petrochemical industries,” Ambani said in a statement in the annual report.

Mukesh AmbaniDuring the year, RIL achieved a turnover over Rs 2,00,000 crore or $44.6 billion and its net profit increased to Rs 16,236 crore ($3.6 billion).

The company announced a dividend of 70 per cent amounting to Rs 2,430 crore ($541 million), including dividend distribution tax.

RIL’s exported products were worth Rs 1,10,176 crore ($24.5 billion) against Rs 89,199 crore in the previous year. Its exports, which represent 55 per cent of RIL’s turnover, were to 123 countries.

Petroleum products constitute 85 per cent and petrochemicals account for 15 per cent of the exports.

During the year, the Petroleum Trust sold 88.8 million equity shares (adjusted for bonus issue) of the company and realised Rs 9,334 crore. As on March 31, RIL’s debt was at Rs 62,495 crore ($13.9 billion).

The company’s cash and cash equivalents as on March 31 amounted to Rs 21,874 crore ($4.9 billion). These are placed in bank fixed deposits, certificates of deposits, government securities and bonds, it said its annual report.

Source:http://news-views.in/ril-to-expand-business-in-key-markets-mukesh/

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