Reliance Industries Q4 net dips 9 percent to rupees 3,546 crore
Reliance Industries (RIL), India’s largest private company by market capitalisation, on Thursday reported a 9.4% drop in its quarterly net profit, on falling fuel demand and thinning crude processing margins.
The company’s net profit for Q4 of FY09 stood at Rs 3,546 crore, compared to Rs 3,912 crore in Q4 of 2007-08 . The profits were aided by a one-time gain of Rs 993 crore in the quarter from interest on cash balance and an insurance claim of Rs 60 crore.
Reliance made a one-time provision of Rs 370 crore towards estimated claims on subsidiaries, it said, without elaborating. Before providing for the claims, profits stood at Rs 3,874 crore. Sales for the quarter dipped 24.9% to Rs 29,073 crore from 38,697 crore.
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The company’s net profit for Q4 of FY09 stood at Rs 3,546 crore, compared to Rs 3,912 crore in Q4 of 2007-08 . The profits were aided by a one-time gain of Rs 993 crore in the quarter from interest on cash balance and an insurance claim of Rs 60 crore.
Reliance made a one-time provision of Rs 370 crore towards estimated claims on subsidiaries, it said, without elaborating. Before providing for the claims, profits stood at Rs 3,874 crore. Sales for the quarter dipped 24.9% to Rs 29,073 crore from 38,697 crore.
To read the full article, click here..
The read the ePaper, visit: http://epaper.financialexpress.com
Labels: employee cost, indias largest private company, insurance, Mukesh Ambani, Reliance, RIL
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