RIL Q1 surges nearly 14% to Rs 5,957 cr; beats
estimates
21/07/2014 15:35
Country’s largest private sector enterprise Reliance Industries has once again delivered better financial results which beat analyst expectations on every parameter. The Mukesh Ambani-owned company has posted a growth of 13.74 per cent in its consolidated net profit at Rs 5,957 crore for the first quarter ended June 30, 2014, despite weak regional refining margins and a planned turnaround in our refinery. “The oil and gas major had reported consolidated net profit of Rs 5,237 crore in the first quarter ended June 30, 2013,” RIL said in a filing to Bombay Stock Exchange. Thanks to higher gas prices, the total income of the company increased by 7.2 per cent to Rs 107,905 crore as against Rs 100,615 crore in the same period a year ago. During the quarter under review, operating profit before other income and depreciation increased by 14.4 per cent on a Y-o-Y basis from Rs 7,857 crore to Rs 8,989 crore due to higher contribution from refinery, petrochemicals and oil and gas business. Other income was Rs 1,974 crore as against Rs 2,392 crore in corresponding period of the previous year. Commenting on Q1 earnings, RIL, Chairman and Managing Director, Mukesh Ambani said: “RIL has delivered a record level of consolidated net profit, this quarter. This was achieved despite weak regional refining margins and a planned turnaround in our refinery.” “The petrochemicals business performance highlights the strength of our portfolio-mix and end-market diversity. Alongside, this robust financial performance, we also made significant progress on our growth commitments. We have a great pipeline of new projects which will give Reliance an enduring competitive advantage. We are further expanding our retail business in existing markets while exploring newer markets and channels,” he added. Buoyed by earnings, shares of company closed trading at Rs 996.15 apiece, up 1.99 per cent, from previous close on BSE.
21/07/2014 15:35
Country’s largest private sector enterprise Reliance Industries has once again delivered better financial results which beat analyst expectations on every parameter. The Mukesh Ambani-owned company has posted a growth of 13.74 per cent in its consolidated net profit at Rs 5,957 crore for the first quarter ended June 30, 2014, despite weak regional refining margins and a planned turnaround in our refinery. “The oil and gas major had reported consolidated net profit of Rs 5,237 crore in the first quarter ended June 30, 2013,” RIL said in a filing to Bombay Stock Exchange. Thanks to higher gas prices, the total income of the company increased by 7.2 per cent to Rs 107,905 crore as against Rs 100,615 crore in the same period a year ago. During the quarter under review, operating profit before other income and depreciation increased by 14.4 per cent on a Y-o-Y basis from Rs 7,857 crore to Rs 8,989 crore due to higher contribution from refinery, petrochemicals and oil and gas business. Other income was Rs 1,974 crore as against Rs 2,392 crore in corresponding period of the previous year. Commenting on Q1 earnings, RIL, Chairman and Managing Director, Mukesh Ambani said: “RIL has delivered a record level of consolidated net profit, this quarter. This was achieved despite weak regional refining margins and a planned turnaround in our refinery.” “The petrochemicals business performance highlights the strength of our portfolio-mix and end-market diversity. Alongside, this robust financial performance, we also made significant progress on our growth commitments. We have a great pipeline of new projects which will give Reliance an enduring competitive advantage. We are further expanding our retail business in existing markets while exploring newer markets and channels,” he added. Buoyed by earnings, shares of company closed trading at Rs 996.15 apiece, up 1.99 per cent, from previous close on BSE.
