RIL leads the financial growth chart

Reliance Industries Limited (RIL) reported a 37 per cent increase in turnover to

Rs 83,698 for its quarter ended 30th June, 2011. Its exports have increased by 57.5 per cent to Rs 51,737 crores. Its PBDIT increased by 9.3 per cent and achieved a record level of Rs 11,005 crores. Profit before tax increased by 20.3 per cent to Rs 7,264 crores. Cash Profit increased by 5.5 per cent to Rs 9,006 crores. Net Profit increased by 16.7 per cent to Rs 5,661 crores .

The Cabinet Committee of Economic Affairs has given a nod to the proposal of RIL to assign 30 per cent of its interest to BP Exploration (Alpha) Limited in 21 out of 23 Blocks. RIL will pursue with the government to resolve the issues, if any, concerning the balance two blocks. Besides, RIL announced a rich gas and condensate discovery in the very first well drilled in the block CY-PR-DWN-2001/3(CYPR-D6) located in deepwater Cauvery-Palar basin. The block with an area of about 8,600 sq. km. was awarded to RIL under the bidding round of NELP-III. RIL currently holds 100 per cent participating interest in this block. This is one of the 23 exploration blocks where BP would have 30 per cent participating interest. Further AXA, Bharti Enterprises and RIL reached an understanding on the acquisition by RIL and its associate Reliance Industrial Infrastructure of Bharti’s shareholding of 74 per cent in Bharti AXA Life Insurance Co. Ltd and Bharti AXA General Insurance. For the quarter, return on capital employed for the segment improved significantly to 18.2 per cent due to sharp improvement in the refining margin.