1. Reliance Industries Q2FY17 consolidated net profit down 22.89 per cent yoy at Rs 7,206 crore; GRM at $10.1/bbl

Reliance Industries Q2FY17 consolidated net profit down 22.89 per cent yoy at Rs 7,206 crore; GRM at $10.1/bbl

Reliance Industries (RIL) reported 22.89 per cent fall in consolidated net profit at Rs 7,206 crore for the quarter ended September 30, 2016 against Rs 9,345 crore in the corresponding quarter a year ago.

By: | New Delhi | Updated: October 20, 2016 5:48 PM
Reliance Industries shares Reliance Industries (RIL) reported 22.89 per cent fall in consolidated net profit at Rs 7,206 crore for the quarter ended September 30, 2016 against Rs 9,345 crore in the corresponding quarter a year ago. (Reuters)

Mukesh Ambani-owned Reliance Industries (RIL) reported 22.89 per cent fall in consolidated net profit at Rs 7,206 crore for the quarter ended September 30, 2016 against Rs 9,345 crore in the corresponding quarter a year ago. Consolidated income from operations of the company increased by 9.61 per cent year-on-year to Rs 81651 crore for the quarter under review against Rs 74490 crore in the same quarter last fiscal. For July-September period, total expenditure of the company stood at Rs 73,249 crore, up 7.6 per cent, against Rs 68,031 crore in the same period last year.

Earnings per share (EPS) of the company stood at Rs 24.4 at the end of Q2FY17 against Rs 31.7 in the corresponding quarter a year ago. On a consolidated basis, Reliance Industries’ debt-equity ratio stood at 0.74 per cent at the end of September 2016 against 0.75 per cent at the same time in the previous year. Reliance Industries’ tax expenses stood at Rs 2,708 crore at the end of Q2FY17 against Rs 2,001 crore in the same quarter last year. Consolidated other income increased to Rs 2,393 crore for the quarter ended September 2016 against Rs 1,460 crore in Q2 in the previous year.

On the other hand, standalone net profit of RIL jumped by 17.90 per cent yoy to Rs 7,704 crore as compared to Rs 6534 crore in the same quarter last year. Gross Refining Margins (GRM) for 2Q FY17 stood at $10.1 per barrel as against $10.6 per barrel in 2Q FY16. RIL’s GRM outperformed Singapore complex margins by $5 per barrel. The refineries processed 18 MMT of crude, which was 7 per cent higher on Q-o-Q and 5 per cent on Y-o-Y basis.

During the quarter, Reliance Jio Infocomm, a subsidiary of Reliance Industries, issued Rs 2,000 crore of 5 year Non-Convertible Debentures (NCDs) in July 2016, bearing a coupon of 8.32 per cent per annum, payable annually. In September 2016, Reliance Jio Infocomm launched its digital services with the Jio Welcome Offer. In September 2016, Reliance Sibur Elastomers, a subsidiary of Reliance Industries has signed facility agreement for availing a term loan facility of $ 330 million by way of External Commercial Borrowings.

Commenting on the results, Mukesh Ambani, chairman and managing director, Reliance Industries in a release said: “The company has achieved outstanding second quarter results with strong refining business performance and record petrochemicals segment earnings. Refining business sustained high profitability in a tough environment highlighting our exceptional refining assets, dynamic response to market trends and robust operations. Petrochemicals segment gained significantly from higher volumes, integration and supportive product margins.”

Shares of the company closed 0.15 per cent up at Rs 1088.50 on Thursday. The company announced its financial results after market hours.

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