Reliance Industries (RIL), the country’s top private company by revenues, beat street estimates with a 18.9 per cent rise in its standalone net profit for the quarter ended June 30, 2013, even as its revenue fell 4.6 per cent over the year-ago period. It recorded a net profit of Rs 5,352 crore boosted by increase in other income besides higher refining margins even as revenues declined to Rs 90,589 crore due to lower output from KG-D6 gas fields.
RIL’s scrip rose 0.67 per cent to close at Rs 923.15 a share on the BSE in a flat Mumbai market on Friday. The company announced its results after trading stopped for the day.
The company has not declared its consolidated financials for the quarter.
The oil & gas business saw revenues decline 42 per cent to Rs 1,454 crore with EBIT margins shrinking from 38.8 per cent in Q1 of FY13 to 24.2 per cent last quarter. While the company faced lower revenues in both KG-D6 block as well as Panna-Mukta and Tapti fields, the decline was much sharper in the former.
Its core refining and marketing business also saw revenue declining 4.6 per cent to Rs 81,458 crore but witnessed EBIT margins improve to 3.6 per cent from 2.5 per cent in Q1 of FY13.
The petrochemicals business saw almost flat revenues at Rs 21,950 crore (up 0.5 per cent) with EBIT margins of 8.6 per cent against 8 per cent in the corresponding period last year. The segment revenue was boosted by 0.6 per cent higher price although volume was down 0.1 per cent.
The retail business saw revenues rise 53 per cent to Rs 3,474 crore with PBDIT of Rs 70 crore. The firm said it added 45 stores to its network and recorded same store growth ranging from 10-22 per cent across formats. It has now 1,500 stores across 134 cities.
The firm said it is selling 1,000 kg of fruits and vegetables, 1,000 litres of beverage and milk and 100 garments every minute. The company’s private label contributes 64 per cent of sales in Reliance Trends, 11 per cent for value formats and 5 per cent for digital formats.
(Edited by Joby Puthuparampil Johnson)
Leave Your Comment
3 years ago
Reliance Industries’ December quarter net profit dipped by 4.5 per cent to...
3 years ago
Reliance Industries on Friday reported highest ever quarterly net profit of Rs 6...
3 years ago
Reliance Industries today posted 4.4 per cent rise in first-quarter consolidated...