Reliance Industries on Tuesday posted a 38 per cent jump in its December quarter net profit to a record Rs 7,290 crore after refining margins soared to seven-year high. The company announced its third quarter results post market hours. Shares of the company closed 2.51 per cent up at Rs 1043.60 on Tuesday.
Top 10 key takeaways from Reliance Industries Q3 results:
Net Profit: For the quarter ended December 2015, the company posted a consolidated net profit of Rs 7290 crore, up 38.69 per cent year-on-year, against Rs 5,256 crore in the corresponding quarter a year ago. The company earned Rs 6720 crore in the sequential quarter ended September 2015.
Sales: Total income from operations of RIL stood at Rs 68,261 crore, down 27 per cent, against Rs 93,528 crore in the same quarter last year. Decline in revenue was led by the 42.7 per cent year-on-year decline in benchmark (Brent) oil price.
Gross Refining Margin (GRM): Gross Refining Margin stood at $11.5 per cent bbl for the quarter under review, highest in highest in the past seven years.
Employee Cost: Employee costs stood higher by 30.9 per cent at Rs 2,026 crore ($ 306 million) as against Rs 1,548 crore in corresponding period of the previous year due to VRS payment and increased employee base in subsidiaries.
EPS: Basic earnings per share (EPS) for the quarter ended December 2015 was at Rs 24.8 as against Rs 17.8 in the corresponding period of the previous year.
Outstanding Debt: Outstanding debt as on 31st December 2015 stood at Rs 178,077 crore ($ 26.9 billion) compared to Rs 160,860 crore as on 31st March 2015.
Cash and cash equivalents: Cash and cash equivalents as on 31st December 2015 were at Rs 91,736 crore ($ 13.9 billion). These were in bank deposits, mutual funds, CDs and Government Bonds and other marketable securities.
Standalone profit: On a standalone basis, RIL net profit increased by 41.9 per cent year-on-year to record level of Rs 7,218 crore. gross refining margin stood at $11.5 per cent bbl for the quarter under review, highest in highest in the past seven years
From the desk of CMD: Commenting on the results, Mukesh D Ambani, chairman and managing director, Reliance Industries said, “Our portfolio of world-class refining and petrochemical assets are paying-off handsomely. Refining business delivered yet another record performance on the back of seven-year high refining margins and highest ever crude throughput. In the current 9-month period, our refining business EBIT has surpassed the record earnings it achieved in FY15. The petrochemical business also delivered amongst its best quarterly performance, driven by robust polymer margins. The benefits of low crude oil and energy prices for our downstream businesses clearly outweigh the impact of these factors on our upstream segment, reflecting in the record earnings for the quarter.”
Credit Rating: RIL retained its domestic credit ratings of AAA from CRISIL and FITCH and an investment grade rating for its international debt from Moody’s as Baa2 and BBB+ from S&P.