Reliance Industries today reported a 16-per cent jump in its net profit for the fiscal fourth quarter ended 31 March, earning a record Rs7,398 crore ($1.1 billion), on the back of higher refining and petrochem margins.
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The turnover of the company rose 20.7 per cent to Rs 5,781 crore in the quarter under review as against Rs 4,788 crore in the year-ago period, Reliance Industries said in a regulatory filing. Its Jamnagar refining complex, the world’s largest, earned $10.8 for each barrel of crude it processed in January-March, up from $10.1 a year earlier, although it was slightly lower than the $11.5 recorded for the December quarter.
The company said it posted a record quarterly consolidated PBDIT (profit before depreciation, interest, and taxes) of Rs 13,994 crore, up 16.9%. “The segment profitability was impacted by lower oil and gas price realisations and decrease in domestic upstream volume”.
For FY16, Reliance Retail reported a turnover of Rs 21,612 crore against Rs 17,640 crore during the same period a year ago, registering a robust growth of 22.5 percent. RIL chairman and managing director Mukesh Ambani said that the much-talked about 4G telecom and high-speed broadband services will be launched this year. But he did not give a specific date.
Anshuman Thakur, head of strategy at Reliance Jio said the company will expand its internal customer base for Jio’s telecom service to 2 million people from the current half a million people and will launch full service by the end of the year. Petrochemical EBIT was up 35.4 per cent at Rs 2,713 crore. The company said it was still expanding its retail operations and now operates more than 3,245 stores in 532 cities across the country.
Debt rose to Rs 1,81,079 crore from Rs 1,78,07 crore as on December 31. Our refineries sustained double-digit gross refining margins and record levels of utilization through the year.
RIL also said that it would increase capital expenditure by Rs 30,000 crore this fiscal to complete ongoing refining and petrochemical projects as well as for the telecom business.
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Like it has done in the past, the results were announced well after the close of stock markets in India – where the company’s scrip fell Rs.2.15, or 0.21 percent, at Rs.1038.75 on the BSE and on the National Stock Exchange by Re.0.65 or 0.06 percent, to Rs.1,040.50. “Looking ahead, we are focused on ensuring a flawless start- up and stabilization of the new growth platforms across our hydrocarbon and consumer businesses”.
