GADAPA SUBHASH's Web Log

Reliance, Cairn higher register higher turnover, revenue in Q1, '10

Reliance turnover for the quarter ended 30th June 2010 was 61,007 crore ($ 13.1 billion), an increase of 88.1% over the corresponding period of the previous year. Exports were higher by 103.5% at 32,849 crore ($ 7.1 billion) as against 16,145 crore in the corresponding period of the previous year.

Following the Supreme Court of India judgment in the RNRL - RIL legal dispute. RIL can sell gas only at the price approved by the Government and only to the entities that have been allocated gas under the gas utilization policy. RIL and Reliance ADA Group companies approved and signed an agreement cancelling all existing non-compete arrangements entered into between the two groups in January 2006 and entered into a new simpler, Non Compete Agreement with respect to only Gas Based Power Generation.

RIL through its subsidiary, Reliance Marcellus LLC, has entered into a joint venture with United States based Atlas Energy, Inc., of Pittsburgh, Pennsylvania under which Reliance acquired 40% interest in Atlas's core Marcellus Shale acreage position. RIL through its subsidiary, Reliance Eagleford Upstream Holding LP, has entered into a joint venture with United States based Pioneer Natural Resources Company, of Irving, Texas under

which Reliance acquired 45% interest in Pioneer's core Eagle Ford Shale acreage position. RIL and SIUR, Russia's leading petrochemical company, signed a Memorandum of Understanding (MoU) to set up a joint venture (JV) in India. This new joint venture will produce butyl rubber at Reliance's integrated petrochemical site in Jamnagar, India.

For Cairn India, the consolidated revenue of Cairn India for Q1 FY 2010-11 was Rs 8,406 million ($ 184 million); higher by 310% as compared to Rs 2,049 million ($ 42 million) in the corresponding quarter of the previous year. Cash flow from operations Rs 4,928 million ($ 108 million) was an increase by 358%. The consolidated profit after tax for Q1 FY 2010-11 was Rs 2,814 million $ 62 million, higher by 520% as compared to Rs 454 million 9 million for the corresponding quarter of the previous year.