Reliance Industries Q4 net up 12.8%

Reliance Industries Q4 net up 12.8%

Oil and gas major Reliance Industries (RIL) has reported a 12.8% increase in its standalone net profit for the quarter ended March 31, 2017, at Rs 8,151 crore compared with Rs 7,227 crore in the same quarter previous fiscal. This is the ninth consecutive quarter, when RIL has registered a growth in net profit.

Revenues during the quarter increased 37.7% to Rs 74,598 crore against Rs 54,189 crore in the comparable period. Gross refining margins (GRMs) stood at $11.5 per barrel against $10.8 per barrel in the sequential quarter (Q3FY17). The company’s GRM outperformed the Singapore complex margins by $5.1 per barrel.

On a consolidated basis, the company reported a 12.3% rise in net profit for the fourth quarter at Rs 8,046 crore compared with Rs 7,167 crore in the same period last year. Consolidated turnover for the company during the quarter rose 45.2% to Rs 92,889 crore against Rs 63,954 crore in the comparable period.

“Refining and petrochemicals businesses achieved record levels of profitability, underpinned by our ability to access feedstock competitively from global markets, maintain high operating rates and place products in growth markets. With ongoing projects our portfolio will become significantly more robust and integrated, securing long-term profitable growth,” RIL CMD Mukesh Ambani said.

Reliance Retail has displayed encouraging performance with revenues growing by 60.2% and EBITDA by 40.4% on year-on-year basis. Outstanding debt as on March 31, 2017, was Rs 1.96 lakh crore ($30.3 billion) compared with Rs 1.8 lakh crore as on March 31, 2016. Cash and cash equivalents as on March 31, 2017, were at Rs 77,226 crore compared with Rs 89,969 crore as on March 31, 2016.

Plans Rs 35k cr capex for FY18
RIL is planning to spend around Rs 35,000 crore in capital expenditure in the current fiscal (FY18) across projects. “We are planning to spend around Rs 18,000 crore (ex-Jio) as part of our capital expenditure plans in FY18. As far as Jio is concerned, last quarter we spent around Rs 18,000 crore and the capex for the current quarter will be quite similar and it will see a dramatic dip in the coming quarters,” RIL joint chief financial officer V Srikanth said.

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