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Reliance Industries churns out highest net in 8 yrs
Reliance Industries on Friday reported its highest quarterly net profit in over eight years as fall in oil prices boosted refining and petrochemical margins, helping the company post a 16 per cent jump in earnings for the three- month period ended March 31.
Net profit up by 16% to `7,398 crore in Q4, sales dip 12%
New Delhi : Reliance Industries on Friday reported its highest quarterly net profit in over eight years as fall in oil prices boosted refining and petrochemical margins, helping the company post a 16 per cent jump in earnings for the three- month period ended March 31.
Consolidated net profit in January-March at Rs 7,398 crore or Rs 25.1 a share was 15.9 per cent higher than Rs 6,381 crore or Rs 21.7 per share profit a year ago. Standalone net profit was 17.25 per cent higher at Rs 7,320 crore.
This is the highest quarterly net profit for RIL since it clocked Rs 8,079 crore net profit in the third quarter of 2007-08. Sales, however, dropped 12 per cent to Rs 64,569 crore in January-March this year.
RIL, operator of the world’s biggest oil-refinery complex, earned $10.8 for turning every barrel of crude oil into fuel in the fourth quarter of 2015-16 compared with a gross refining margin of $10.1 per barrel a year ago. The GRM outperformed Singapore benchmark by $3.1 a barrel.
The company posted a record annual net profit at Rs 27,630 crore or Rs 93.1 per share in 2015-16, up 17.2 per cent over Rs 23,566 crore, or Rs 80.1 a share. Turnover was, however, down 23.8 per cent to Rs 2,96,091 crore on lower oil prices.
RIL Chairman and Managing Director Mukesh Ambani said the much-talked about 4G telecom and high-speed broadband services will be launched this year. But he did not give a specific date.
“The commercial roll-out of Jio services this year will digitally enable a billion Indians and propel growth for India and Reliance,” he said. The refining segment of oil-to-telecom conglomerate recorded the highest ever quarterly pre-tax profit (EBIT) of Rs 6,394 crore, up 30.4 per year-on-year.
Petrochemical EBIT was up 35.4 per cent at Rs 2,713 crore. The two helped offset 84.4 per cent drop in EBIT from oil and gas business at Rs 14 crore.
“The segment profitability was impacted by lower oil and gas price realisations and decrease in domestic upstream volume. US shale operations were impacted by low commodity prices despite marginally higher volumes,” RIL said.
The company’s retail business saw 17.5 per cent rise in PBDIT at Rs 235 crore in Q4 of 2015-16 fiscal. Reliance Retail added 624 stores, taking the total number to 3,245 across 532 cities.
Debt rose to Rs 1,81,079 crore from Rs 1,78,07 crore as on December 31. Cash balance also rose to Rs 86,033 crore as on March 31 as compared to Rs 91,736 crore as on December 31.
“FY 2015-16 has been a year of outstanding achievement for our downstream hydrocarbon businesses, notwithstanding persisting global economic uncertainty. Refining and petrochemicals delivered record operating and financial performances. Our refineries sustained double-digit GRMs and record levels of utilization through the year,” Ambani said.
