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Reliance Industries Ltd Q3 PAT jumps to Rs. 9445 crores

Posted On: 2018-01-19 09:48:19

RELIANCE INDUSTRIES LTD. has reported financial results for the period ended December 31, 2017.

The company has reported net sales of Rs.104718 crores during the period ended December 31, 2017 as compared to Rs.86925 crores during the period ended December 31, 2016.

The company has posted net profit of Rs.9445 crores for the period ended December 31, 2017 as against Rs.7524 crores for the period ended December 31, 2016.

The company has reported EPS of Rs.15.96 for the period ended December 31, 2017 as compared to Rs.12.74 for the period ended December 31, 2016.

The company has reported net sales of Rs.294781 crores during the 9 months period ended December 31, 2017 as compared to Rs.244798 crores during the 9 months period ended December 31, 2016.

The company has posted net profit of Rs.26621 crores for the 9 months period ended December 31, 2017 as against Rs.21780 crores for the 9 months period ended December 31, 2016.

The company has reported EPS of Rs.44.97 for the 9 months period ended December 31, 2017 as compared to Rs.36.97 for the 9 months period ended December 31, 2016.

For the quarter ended 31st December 2017, RIL achieved revenue of Rs. 109,905 crore ($ 17.2 billion), an increase of 30.5% as compared to Rs. 84,189 crore in the corresponding period of the previous year. Increase in revenue is primarily on account of volume increase with start-up of petrochemicals projects and increase in prices in refining and petrochemical businesses. The increase in consolidated revenues reflect robust growth of 116% in Retail business and continued enhancement in Jio's wireless operations.

Exports (including deemed exports) from India were higher by 21.3% at Rs. 46,151 crore ($ 7.2 billion) as against Rs. 38,038 crore in the corresponding period of the previous year due to higher export of petrochemical products and product prices in refining and petrochemical business.

Other expenditure increased by 38.4% to Rs. 14,169 crore ($ 2.2 billion) as against Rs. 10,236 crore in corresponding period of the previous year primarily due to network expenses, access and regulatory charges pertaining to digital services business (Rs. 3,411 crore) and higher power and fuel expenses primarily due to commissioning of new projects at Jamnagar (Rs. 991 crore).

Operating profit before other income and depreciation increased by 52.0% to Rs. 17,588 crore ($ 2.8 billion) from Rs. 11,574 crore in the corresponding period of the previous year. Strong operating performance was driven by growth in petrochemicals, retail and digital services businesses along with firm refining margins.

Depreciation (including depletion and amortization) was Rs. 4,530 crore ($ 709 million) as compared to Rs. 2,793 crore in corresponding period of the previous year. The increase of Rs. 1,191 crore was on account of commencement of commercial operations of RJIL's Wireless Telecommunication Network. The capitalization of new projects in the petrochemicals business also resulted in increase in depreciation.

Finance cost was at Rs. 2,095 crore ($ 328 million) as against Rs. 1,204 crore in corresponding period of the previous year. This increase is primarily due to lower capitalization of finance cost related to commencement of digital services business (Rs. 712 crore) and higher loans balance partially offset by exchange rate variation during the quarter.

Profit after tax was higher by 25.1% at Rs. 9,423 crore ($ 1.5 billion) as against Rs. 7,533 crore in the corresponding period of the previous year.

Basic earnings per share (EPS) for the quarter ended 31st December 2017 was Rs. 16.0 as against Rs. 12.8 in the corresponding period of the previous year.

Outstanding debt as on 31st December 2017 was Rs. 213,206 crore ($ 33.4 billion) compared to Rs. 196,601 crore as on 31st March 2017.

Cash and cash equivalents as on 31st December 2017 were at Rs. 78,617 crore ($ 12.3 billion) compared to Rs. 77,226 crore as on 31st March 2017. These were in bank deposits, mutual funds, CDs, Government Bonds and other marketable securities.

The capital expenditure for the quarter ended 31st December 2017 was Rs. 17,336 crore ($ 2.7 billion) including exchange rate difference capitalization. Capital expenditure was principally on account of Digital Services business, balance of expenditure for projects in the petrochemicals and refining business at Jamnagar and in Organized Retail business.

RIL retained its domestic credit ratings of "CRISIL AAA" from CRISIL and "Ind AAA" from India Rating and an investment grade rating for its international debt from Moody's as Baa2 and BBB+ from S&P.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: "I am happy to share record-setting consolidated quarterly earnings to mark the 40th anniversary of Reliance's listing in January 1978. Fittingly, this quarter marks the culmination of our petrochemical expansion projects and the first positive net profit contribution from our newest business line - Digital Services.

Our refining business has delivered 12 consecutive quarter of double-digit refining margins, demonstrating operating excellence and healthy industry fundamentals. Benefits of the large investments in petrochemical business are beginning to show with the segment reporting its highest ever earnings.

I would like to thank all our customers for partnering with us in this revolution which has made India a global digital powerhouse. I congratulate all our employees and partners for the strong performance. Our commitment is to keep pushing newer innovative products which would radically transform customer lives and generate huge societal value.

Jio's strong financial result reflects the fundamental strength of the business, significant efficiencies and right strategic initiatives. Jio has demonstrated that it can sustain its strong financial performance. We are excited about the prospects of both our energy and consumer businesses due to strong growth in Indian markets and constructive macro environment."

Shares of RELIANCE INDUSTRIES LTD. was last trading in BSE at Rs.929.35 as compared to the previous close of Rs. 919.3. The total number of shares traded during the day was 600361 in over 6794 trades.

The stock hit an intraday high of Rs. 932.35 and intraday low of 922. The net turnover during the day was Rs. 556549599.


Source: Equity Bulls

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