Reliance Industries Ltd (RIL) Friday reported a 21.20 percent decline in net profit at Rs.4,236 crore in the fourth quarter of 2011-12, compared to Rs.5,376 crore in the corresponding period of 2010-11.
This was the second straight quarterly drop in profit for the company, hurt by weak refining margins and declining gas output from its offshore fields.
The company's total income rose by 18.86 percent to Rs.87,477 crore in January-March quarter as compared to Rs.73,591 crore in the corresponding quarter of 2010-11.
Net sales stood at Rs.85,182 crore, an increase of 17.21 percent from Rs.72,674 crore in the quarter ended March 31, 2011.
Gross refining margins stood at $7.60 per barrel.
Commenting on the results, Chairman Mukesh D. Ambani said: "Our businesses have delivered industry leading performances. This is a reflection of the quality assets and growing demand of our products and services in India and Internationally."
"We have created a strong foundation for future growth and are investing in our core upstream and petrochemical business in India."
According to Ambani, the company has received healthy reponse to its organised retail business and that it plans to open more stores.
"Response to our organized retail business has been very encouraging and we continue to expand our footprint by building more stores across verticals and geographies."
Ambani added that the company is committed to providing high speed wireless data service through the launch of the company's broadband access business.
"We remain committed towards providing world class high speed wireless data service through the launch of our broadband access business."
RIL's subsidiary Infotel Broadband Services has emerged as a successful bidder in all 22 circles which were auctioned for broadband wireless access (BWA) spectrum.
The results came after the markets closed. The share price of RIL stock was down 1.39 percent or 10.30 points at Rs.731.45 at the Bombay Stock Exchange (BSE) Friday.
For fiscal 2011-12, the company reported a decline of 1.21 percent in its net profit which stood at Rs.20,040 crore, compared to Rs.20,286 crore in the corresponding period of 2010-11.
The company's total income rose by 33.78 percent to Rs.336,096 crore for the fiscal 2011-12 as compared to Rs.251,222 crore in 2010-12.
Net sales stood at Rs.329,904 crore an increase of 32.93 percent from Rs.248,170 crore in 2010-11.
Exports surged by 41.8 percent in the period under review at Rs.208,042 crore which was 14 percent of India's total exports.
The group net profit for the year ended March 31, 2012 stood at Rs.19,724 crore an increase of 2.2 percent as compared to Rs.19,294 core in 2010-11.
Total income rose 35.84 percent at Rs.364,625 crore in 2011-12 from Rs.268,414 crore for the year ended March 31, 2011.
RIL added that its directors have recommended a dividend of Rs. 8.50 per fully paid-up equity share of Rs.10 each.