At $44 bn, RIL accounted for 15% of India's exports in FY13
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At $44 bn, RIL accounted for 15% of India's exports in FY13

Last Updated: Tuesday, April 16, 2013, 23:59
 
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At $44 bn, RIL accounted for 15% of India's exports in FY13
Mumbai: Reliance Industries Ltd logged USD 44.1 billion in export revenue and contributed 15.2 percent to the nation's overall export kitty of USD 290 billion in the just-concluded fiscal, a senior company official said on Tuesday.

"With USD 44.1 billion in exports last fiscal, our share in the country's overall exports last fiscal stands at 14-15 percent, if we take the outward shipment numbers at under USD 300 billion," RIL Chief Financial Officer Alok Agarwal told reporters at the company headquarters while announcing the Q4 and annual earnings here this evening.

RIL reported a 15 percent spike in exports to USD 44.1 billion (Rs 2,39,226 crore) from USD 37.48 billion last fiscal. This was 60 percent of the company's overall revenue of USD 68.4 billion (Rs 3,71,119 crore) in FY13.

Agarwal attributed the spike in exports to the higher demand for diesel and petrol from Asia, particularly China, during the year.

"Rising demand from Asia, driven by China and other countries with low refining capacity like Indonesia, Vietnam, Australia and Singapore pushed our exports. The rising demand spiked prices, which in turn improved our export numbers," he said.

Due to the global headwinds, India's exports were on downhill in FY13 and are all set to miss the initial target of USD 350 billion. In FY12, the exports touched USD 306 billion, the highest ever.

RIL posted a massive 32 percent jump in Q4 net profit at Rs 5,589, the biggest rise in almost three years, as strong margins in its oil refining business helped offset fall in natural gas production.

The better-than-estimated profit, the second consecutive quarter of increase after four quarters of decline, came on the back of rise in earnings from turning crude oil into petrol, diesel and other fuel products.

RIL Chairman and Managing Director Mukesh Ambani said "the growth in earnings was largely driven by strong and improved refining margins during the year."

PTI



First Published: Tuesday, April 16, 2013, 23:59


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