Operating profit before income and depreciation declined by 4.3% from Rs 28,283 crore to Rs 27,055 crore. Depreciation was lower by 14.5% at Rs 8,734 crore. Profit after tax was at Rs 15,804 core against Rs 14,910 crore for the corresponding period of the previous year.

Commenting on the results, Mukesh Ambani, chairman and managing director, RIL said, "The global nature of our businesses and weakness in economic conditions resulted in reduced earnings in the quarter, particularly in our refining and petrochemicals businesses. Notwithstanding these challenges, RIL has delivered reasonably robust results with high operating leverage. Our focus remains on enhancing shareholder value by leveraging an exceptionally strong balance sheet, operating top decile assets and investing prudently in future growth engines."

Earning per share was at Rs 48.3 against Rs 45.6 for the corresponding period of the previous year.

As on December 31, 2011, outstanding debt was at Rs 74,503 crore compared to Rs 67,397 crore as on 31 march 2011. The company is said to be debt free on a net basis as compared with gearing of 13.5% as on 31 March 2011.

The company had cash and cash equivalents of Rs 74,539 crore, where as cash outflows on account of capital expenditure for the nine months amounted to Rs 4,836 crore.

RIL has domestic credit rating of AAA from CRISIL and FITCH. IT also has investment grade ratings for its international debt from Moody's and S&P as Baa2 and BBB respectively.

However, the company has approved share buyback of Rs 10,440 crore from the open market through the stock exchanges the company said in a statement.

Meanwhile, shares of the company closed at Rs 793.35 up by 8.20 points or 1.04%.

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