Reliance Industries Ltd.

As part of its plan to double profit over the next five years, Mukesh Ambani promoted Reliance Industries (RIL) is mulling to expand its refining capacity at Jamnagar in Gujarat. The company operates two refineries in Gujarat, a 33 million tonnes domestic-tariff area (DTA) refinery that sells most of its products to domestic market and a 29 million tonnes refinery in a Special Economic Zone (SEZ) dedicated to exports. Further, the company is also setting up a $4 billion petroleum coke gasification project that would replace expensive LNG as fuel at its refineries.

The company’s net profit for second quarter ended September 30, 2012 declined by 5.74% at Rs 5376 crore as compared to Rs 5703 crore for the corresponding quarter of the previous year, the company was expected to report net profit of Rs 5370 crore for the quarter. Company’s total Income has registered 16.03% growth at Rs 92447 crore for the quarter under review against Rs 79671 crore for the similar quarter ended of previous fiscal. Further, the GRMs for the second quarter were reported at $9.2/bbl versus $7.6/bbl.