Reliance Industries ' consolidated net profit for the June quarter rose 13.7 percent year-on-year to Rs 5957 crore, beating the average of a CNBC-TV18 analyst poll pegging the number at Rs 5400 crore.
Consolidated revenues increased 7.2 percent y-o-y to Rs 1,07,905 crore, the company said in its release. Quarter-on-quarter, net profit was up 1.3 percent and revenues, 1.6 percent.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited 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. At Reliance, social responsibility and care for the environment is an integral part of our economic success."
In its release, RIL said the growth in revenue was driven primarily by higher prices of its products. Exports rose 16.8 percent to Rs 66,600 crore year-on-year.
Cost of raw materials rose 7.2 percent year-on-year, mainly due to an increase in crude prices.
Operating profit rose 14.4 percent Y-o-Y, with the company attributing it to higher contribution from its refinery, petrochemicals, and oil & gas business.
RIL's gross refining margin for the quarter stood at USD 8.7/bbl agains USD 8.4/bbl last year and USD 9.3/bbl in the April quarter.
Among other highlights, profit before tax increased 16.8 percent to Rs 7729 crore and cash profit increased by 13.9 percent to Rs 8984 crore.
As of June 30, Reliance had cash and cash equivalents of Rs 81559 crore on its books, and outstanding debt of Rs 1.35 lakh crore.
The company's standalone quarterly income rose 10 percent to Rs 96351 crore and net profit by 5.5 percent to Rs 5649 crore.
Following is the segment wise quarterly performance:
Petrochemical business
Quarterly revenues rose 9.3 percent y-o-y and declined 4.3 percent q-o-q. Operating profit margin at 7.3 percent was lower compared to 7.6 percent last year and 8.1 percent in the April quarter. The company attributed the decline in margin to "weaker polyester chain margins which offset strength in polymer margins."
The company said the polyester chain was marked by volatility across the chain.
"Uncertainties regarding supplies and demand led to excessive volatility through the quarter. Lack of clarity in the markets led to cautious buying, resulting in overall decline in prices across the chain," the company said in its release.
The company also said its market share in filament yarn has increased over the last year with the start-up of the Silvassa plant.
"RIL's polyester production increased 11 percent Y-o-Y to 455 KT with increase in PFY volumes from Silvassa. PSF production during the quarter was impacted by planned shutdown at Patalganga," the release said.
Oil and gas (exploration & production) business
Overall revenues increased 27.3 percent y-o-y to Rs 3178 crore and 13.6 percent q-o-q. Operating profit margin improved to 32.8 percent, compared to 19.5 percent last year and 27.2 percent in the April quarter.
In its domestic oil & gas operations, revenues were up 7.1 percent y-o-y and 9.9 percent sequentially to Rs 1557 crore. Operating profit margin climbed to 31.3 percent compared to 24.2 percent last year and 26.7 percent in the April quarter.
"KG-D6 field produced 0.53 million barrels of crude oil and 0.09 million barrels of condensate in 1Q FY15, a reduction of 1 percent in crude oil and growth of 48 percent for condensate on a Y-o-Y basis. Gas production from the block was at 42 BCF in 1Q FY15 a decline of 15 percent Y-o-Y. Fall in production is mainly on account of shut down of wells in D1-D3 field, partly offset by incremental production from new wells drilled as part of Enhanced Gas Recovery (EGR) activities during 2H FY14," the company said in its release.
Revenues from shale gas operations in the US were at USD 270 million and EBITDA at USD 201 million, up 26 percent and 22 percent respectively, y-o-y. Sequential growth in revenue and profits were impacted by higher basis differentials for natural gas and condensate and this was partially offset by lower operating costs, the company release said.
Organised retail
Revenues rose 14.5 percent y-o-y to Rs 3999 crore and 9.5 percent sequentially. Operating profit margin stood at 2 percent, compared to negative 0.4 percent during the same period last year.
"Gross margin improvement, strong variable expense control and leverage of fixed expenses contributed to the performance," the company release said, adding "underlying growth and outlook in core sectors continues to be robust despite regulatory conditions affecting the Jewelry sector and a difficult consumer environment."
As on June 30, Reliance Retail operated over 1700 stores across 148 cities.
"Value Formats consolidated their leadership position further of being the largest grocery retailer in the country. The formats launched several own brands products under various categories in the quarter. The format sectors focus on own brands is yielding dividends with their contribution increasing to 15% of overall sales from 11% in the same period last year," the release said.
Also, Reliance Market continued additions to its store network, reaching out to more and more kiranas, traders and institutions as partners across the country and now serves over 1.4 million registered members, the release said.
Reliance Digital now operates over 400 stores across the country, the company said.
Broadband access
The company's subsidiary Reliance Jio Infocomm, in addition to providing fixed and wireless broadband connectivity, RJIL is also planning to enable end-to-end solutions that address the entire value chain across various digital services in key domains of national interest such as education, healthcare, security, financial services, government-citizen interfaces and entertainment, the release said.
"The key leadership positions required to execute the project are in place. RJIL has finalized the key vendor and supplier partnerships that are required for the launch of our services, and is making rapid progress in building the critical infrastructure needed to launch its services," the company release said.
"Reliance Industries Limited's recent acquisition of control in Network 18 Media & Investments Limited through Independent Media Trust including its subsidiary TV18 Broadcast Limited will differentiate Reliance's 4G business by providing a unique amalgamation at the intersect of telecom, web and digital commerce via a suite of premier digital properties," the release said.
For the detailed press release, click below:
Disclosure: Network 18, which publishes moneycontrol.com, is now part of the Reliance Group.
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