The News International Team
Petrochemical major Reliance Industries Monday reported a consolidated net profit of Rs 5,972 crore in the quarter ended September 2014, up (by 0.3 percent Q-o-Q and 1.7 percent Y-o-Y) from Rs 5,957 crore in previous quarter.
Consolidated sales jumped 8.65 percent to Rs 1.13 lakh crore in July-September quarter compared to Rs 1.04 lakh crore in April-June quarter of current financial year 2014-15. Operating profit rose by 9.2 percent quarter-on-quarter to Rs 9,818 crore and margin expanded by 30 basis points to 8.9 percent in the quarter gone by.
On standalone basis, net profit of the company beat street expectations, rising 1.6 percent sequentially to Rs 5,742 crore and net sales grew marginally to Rs 96,486 crore from Rs 96,351 crore during the same period. Analysts had expected profit at Rs 5,600 crore.
Even gross refining margins came in higher than estimates at USD 8.3 a barrel in second quarter compared to USD 8.7 a barrel in first quarter of FY15 and forecast of USD 7.7-8 a barrel.
Mukesh D Ambani, Chairman and Managing Director said the refining and petrochemical businesses delivered robust results, outperforming regional industry benchmarks. Renewed optimism in the domestic economy augurs well for business and consumer confidence particularly against the backdrop of continuing concerns on global economic growth, he added.
He further said the company expects to create significant value for stakeholders over the next 12-18 months as it completes large investment programme across energy and consumer businesses.
Standalone petrochemical earnings before interest and tax (EBIT) climbed 27.5 percent Q-o-Q to Rs 2,403 crore with margin expanding 200 basis points to 10 percent from 8 percent.
Refining EBIT increased marginally to Rs 3,788 crore from Rs 3,773 crore with margin flat at 4.1 percent during the same period while oil & gas EBIT stood at Rs 332 crore compared to Rs 487 crore in previous quarter with margin at 24 percent versus 31 percent on sequential basis.
Overall standalone operating profit of the company jumped 9.4 percent to Rs 8,235 crore in July-September quarter from Rs 7,530 crore in April-June quarter with margin soaring 70 basis points to 8.5 percent.
Reliance Industries said its cash & cash equivalents stood at USD 13.5 billion as on September 2014.
More to come…
Disclosure: Reliance Industries has acquired management control of Network18, which owns TV18 Broadcast and moneycontrol.com.