Reliance Industries has posted standalone net profit at Rs 7320 crore in the January-March quarter. During the quarter, gross refining margins (GRMs) stood at USD 10.80 per barrel.
Reliance Industries has beaten estimates in the January-March quarter. It has posted standalone net profit at Rs 7320 crore in the January-March quarter. During the quarter, gross refining margins (GRMs) stood at USD 10.80 per barrel. Petro chemical margins was better-than-expected at 13 percent in Q4.
According to a CNBC-TV18 poll, Reliance Industries was expected to report net profit at Rs 7000 crore in Q4 while GRMs was seen at USD 10.8 per barrel.
During the quarter, its turnover was at Rs 64,569 crore, down 8.9 percent from Rs 70,863 crore in the corresponding period of the previous year. The company says decline in revenue was led by the 41.4 percent (YoY) decline in benchmark oil price which averaged at USD 30.4/bbl in Q4 FY16 as compared to USD 51.9/bbl in the corresponding period of the previous year.
Commenting on the results, Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited said, “FY 2015-16 has been a year of outstanding achievement for our downstream hydrocarbon businesses, notwithstanding persisting global economic uncertainty. Refining and petrochemicals delivered record operating and financial performances. Our refineries sustained double-digit GRMs and record levels of utilization through the year. Our balanced petrochemical portfolio, across products and feedstocks, helped capture the benefit of vastly improved naphtha cracking economics and favourable polymer markets. Reliance Retail continued its path of profitable expansion while maintaining a robust revenue growth of 23 percent during the year. Looking ahead, we are focused on ensuring a flawless start- up and stabilisation of the new growth platforms across our hydrocarbon and consumer businesses. The commercial roll-out of our Jio services this year will digitally enable a billion Indians and propel growth for India and Reliance.”
Cost of raw materials in Q4 declined by 27.8 percent to Rs 29,051 crore from Rs 40,220 crore on YoY basis primarily on account of sharp decline in feedstock prices.
For the full year, the company's consolidated turnover was at Rs 296,091 crore, down of 23.8 percent compared to Rs 388,494 crore in the previous year. It says that decline in turnover reflects sharp fall in feedstock and product prices during the year, partially offset by record crude throughput and higher petrochemicals volumes.
Disclosure: Network 18, which publishes moneycontrol.com, is now part of the Reliance Group.
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