The turnover of Reliance Industries Ltd’s financial performance for the year 2013-2014 has been increased by 8.1 per cent to Rs.401,302 crore as compared to Rs.371,119 crore in the previous year. Higher prices accounted for
7.7 per cent growth in revenue while increase in volumes accounted for 0.4 per cent growth in revenue, the company said in the statement.
RIL and its partners (BP and NIKO) announced two significant hydrocarbon discoveries during the year—KG-D6 block off the eastern coast of India in May 2013 and deepwater block CY-DWN-2001/2 (CY-D5) off the east coast in the Cauvery basin in August 2013. In July 2013, RIL signed an agreement with ONGC for exploring the possibility of sharing RIL’s infrastructural facility in the east coast.
In March 2014, The Ministry of Energy of the Republic of the Union of Myanmar selected RIL for two offshore exploration blocks (M17 and M18) in Myanmar Offshore Block Bidding Round-2013. Both the blocks are located offshore in the Moattama basin of Myanmar in water depths up to 3000 ft and together encompass an area of 27,600 sq. km.
Standard & Poor’s, long-term corporate credit rating on Reliance raises to ‘BBB+’ from ‘BBB’, one of the highest ratings by S&P for an Indian corporate and the highest rating by S&P for an Indian Oil & Gas company. The new rating which is two notches above the S&P rating for the Indian sovereign is testament to Reliance’s strong financial and business profile.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Ltd, said, “FY 2013-14 was a satisfying year for RIL. Refining business delivered the highest ever profits with a sharp recovery in GRMs 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.”