live bse livense live Volume Todays L/H More ×Reliance Industries Ltd’s (RIL) Oil & Gas segment posted a 42 percent jump in revenue to Rs 6,468 crore in the March quarter on the back of highervolumes from KG D6 block.
The segment had reported revenue of Rs 4,556 crore in the same quarter last year.
Story continues below Advertisement Remove AdRIL’s Oil & Gas EBITDA increased to Rs 5,606 crore, up by 47.5 percent on a year-over-year basis.
ALSO READ: Reliance Q4 earnings boosted by O2C, consumer businesses: Here are 10 key highlightsThe results come as domestic demand remained robust with expectations that India will become the largest source of global oil demand growth between now and 2030.
Indian oil companies are investing heavily in the refining sector to meet therise in domestic oil demand.
The average price realised for KG D6 gas declined in line with falling trend in international gas prices to $ 10.1/MMBTU (million metric British thermal unit) in FY24.
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Reliance Industries Ltd’s (RIL) Oil & Gas segment posted a 42 percent jump in revenue to Rs 6,468 crore in the March quarter on the back of higher
volumes from KG D6 block. The segment had reported revenue of Rs 4,556 crore in the same quarter last year.
The average price realised for KG D6 gas declined in line with falling trend in international gas prices to $10.1/MMBTU (million metric British thermal unit) in FY24 vis-à-vis $ 10.6/MMBTU in FY23.
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RIL’s Oil & Gas EBITDA increased to Rs 5,606 crore, up by 47.5 percent on a year-over-year basis. The EBITDA margin was 86.7 percent for the fourth quarter of FY24.
ALSO READ: Reliance Q4 earnings boosted by O2C, consumer businesses: Here are 10 key highlights
The results come as domestic demand remained robust with expectations that India will become the largest source of global oil demand growth between now and 2030.
Indian oil companies are investing heavily in the refining sector to meet the
rise in domestic oil demand. Over the next seven years, 1 mb/d (million barrels per day) of new refinery distillation capacity will be added – more than any other country in the world outside of China, International Energy Agency said in its market report in February this year.
The segment's FY24 revenue rose by 48.0 percent on a Y-o-Y basis mainly on account of higher gas and condensate production, RIL said in a statement adding that FY24 EBITDA increased sharply by 48.6 percent Y-o-Y to Rs 20,191 crore while EBITDA margin expanded by 30 bps to 82.6 percent.
Russian uncertainties
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Meanwhile, the management also flagged potential uncertainties over Russian supply. Russian exports of liquefied natural gas (LNG) rose to 8.7 million metric tons in the first quarter, up 4.3 percent from a year earlier, with a rise in supply to the European Union and less going to Asia, Russian daily Kommersant reported earlier this month, citing Kpler data.
"We don't expect any substantial LNG capacity addition till onset of winter 2024," said Sanjay Roy, Senior Vice President, Production and Exploration.
"We expect gas prices to be more stable going forward and supported by demand," Roy added.
