OREANDA-NEWS. Reliance Industries Limited (RIL) reported its financial performance for the quarter / year ended 31st March, 2014. Highlights of the audited financial results as compared to the previous year are:

Highlights of Year Performance

• Revenue (turnover) increased by 8.1 % to 401,302 crore (USD 67.0 billion)

• Exports increased by 15.3% to 275,825 crore (USD 46.0 billion)

• PBDIT increased by 2.7% to 39,813 crore (USD 6.6 billion)

• Profit Before Tax increased by 5.8% to 27,818 crore (USD 4.6 billion)

• Cash Profit increased by 1.0% to 30,795 crore (USD 5.1 billion)

• Net Profit increased by 4.7% to 21,984 crore (USD 3.7 billion)

• Gross Refining Margin of USD 8.1/bbl for the year and USD 9.3/bbl for the quarter

• Dividend of 95%, payout of 3,268 crore (USD 545 million)

Highlights of Year Performance (RIL Consolidated)

• Revenue (turnover) increased by 9.3% to 446,339 crore (USD 74.5 billion)

• PBDIT increased by 7.1% to at 43,800 crore (USD 7.3 billion)

• Profit Before Tax increased by 9.7% to 28,763 crore (USD 4.8 billion)

• Cash Profit increased by 5.8% to 33,980 crore (USD 5.7 billion)

• Net Profit increased by 7.7% to 22,493 crore (USD 3.8 billion)

Corporate Highlights

• RIL and its partners announced two significant hydrocarbon discoveries during the year. In May 2013, RIL, BP and NIKO announced a significant gas and condensate discovery in the KG-D6 block off the eastern coast of India. The discovery, named 'D55', is expected to add to the hydrocarbon resources in the KG-D6 block. In August 2013, RIL and BP announced a new gas condensate discovery off the east coast of India in the Cauvery basin. The discovery, in the deepwater block CY-DWN-2001/2 (CY-D5), is situated 62 kilometers from the coast in the Cauvery basin and is the second gas discovery in the block.

• In July 2013, RIL signed a Memorandum of Understanding with the Oil and Natural Gas Corporation (ONGC) to explore the possibility of sharing RIL's infrastructural facility in the East Coast. In line with global practice of sharing infrastructure, the MoU aims at working out the modalities for sharing of infrastructure, identifying additional requirements as well as firming up the commercial terms.

• In March 2014, The Ministry of Energy (MOE) 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. kms.

• Reliance Jio Infocomm Ltd (“RJIL”), a subsidiary of RIL, successfully acquired the right to use spectrum in 14 key circles across India in the 1800 MHz band in the spectrum auction conducted by DoT, Government of India in February 2014. RJIL plans to use this spectrum, ranging from 2x5 MHz to 2x7 MHz in each of these 14 circles, in conjunction with its pan India 2300 MHz spectrum to address the expected surge in demand for digital services as well as to enhance in-building coverage. RJIL plans to provide seamless 4G services using FDD-LTE on 1800 MHz and TDD-LTE on 2300 MHz through an integrated ecosystem.

• RJIL received Unified License for all 22 Service Areas across India in October 2013, and became the first telecom operator in the country to get pan India Unified License. The Unified License would allow RJIL to offer all telecom services including voice telephony under a single license. With grant of Unified License, RJIL has migrated its existing ISP license along with Broadband Wireless Access (BWA) spectrum to the Unified License with authorization for all services except Global Mobile Personal Communication by Satellite Service (GMPCS) under Unified License in all service areas.

• During the year, Reliance Jio announced telecom infrastructure sharing arrangements with Reliance Communications, Bharti Airtel, Bharti Infratel and Viom Networks. These agreements are aimed at avoiding duplication of infrastructure, wherever possible, to preserve capital and the environment. The infrastructure tie-ups will enable the accelerated roll-out of RJIL's state-of-the-art 4G services.

• In April 2013, RJIL and Bharti Airtel Limited signed an Indefeasible Right to Use (IRU) Agreement, under which Bharti will provide Reliance Jio data capacity on its i2i submarine cable. Reliance Jio will utilize a dedicated fiber pair on i2i. The high speed link will enable Reliance Jio to extend its network and service reach to customers across Asia Pacific region.

• In April 2013, Telekom Malaysia Berhad ™ (Malaysia), Vodafone Group (UK), Omantel (Oman), Etisalat (UAE), Reliance Jio Infocomm Limited (India) and Dialog Axiata (Sri Lanka) -signed the Construction and Maintenance Agreement (C&MA) and the Supply Contract for “Bay Of Bengal Gateway” Cable System (BBG) in Kuala Lumpur. The construction of BBG is planned not only to provide connectivity between South East Asia, South Asia and the Middle East, but also to Europe, Africa and to the Far East Asia through interconnections with other existing and newly built cable systems landing in India, the Middle East and the Far East Asia.

• Standard & Poor's raised the long-term corporate credit rating on Reliance 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.