Reliance Exported Less than 10 Million Tonnes of Petroleum Products in April-June Period

Reliance Industries’ petroleum product exports dipped below 10 million tonnes in April to June Period – the first time after three quarters – due to rise in domestic demand.

The largest petroleum exporter of India exported 9.8 million tonnes of petroleum products in the first quarter of 2016-17. In January-March 2016, the company had exported 10.8 million tonnes of petroleum products.

In the first quarter of 2015-16, the company had exported 8.5 million tonnes of refined products.

During April-June period, the demand for petrol in the domestic market went up by 10%, diesel 4.7% and jet fuel 11%.

Reliance Industries’ export earnings in April to June period declined 9.4% to Rs 33,282 crore (Rs 28,610 crore coming from export of refined products) from Rs 36,717 crore in April to June 2015 (Rs 32,352 crore coming from export of refined products).

“Higher retail and PSU sales resulted in lower exports, quarter on quarter,” the company said.

The company also experienced 21% increase in sales volumes of petrol and diesel, quarter on quarter.

“The retail outlet throughput was 230 kilolitres per month during the quarter compared to 160 kilolitres per month of key competitors,” the company said.

The company has also improved its supply infrastructure and is now servicing retail, bulk and PSU oil marketing companies through five Reliance-owned terminals and nine hired ones besides 19 depots.

The company’s LPG business sales grew by 10%, year on year, to 214,000 tonnes.

Reliance Industries’ total net profit in the June quarter was Rs 7,113 crore and the share of other income in jumped to 34.5% or Rs 2,378 crore.

On year-on-year basis, this increase was massive 50.12% from Rs 1,584 crore in June 2015 quarter when net profit of the company was Rs 5,916 crore.

RIL deputy chief financial officer V Srikanth told PTI that these figures reflect the higher yields the treasury market has been returning during the quarter.

Srikant did not share details of the company’s investment in government bonds, but said RIL, for long, has been investing its surpluses in government bonds, fixed deposits, mutual funds, and other fixed income instruments.