RIL disappoints street; Q1 net down 11.5% at Rs 3636 cr
Mukesh Ambani's flagship company and index heavyweight, Reliance Industries(RIL) has announced its Q1FY10 numbers. Its standalone net profit declined 11.5% to Rs 3,636 crore from Rs 4,110 crore in the same period of last year.
The company's standalone net sales slipped 22.9% to Rs 32,055 crore versus Rs 41,579 crore, YoY. Its EBITDA (earning before interest, tax, depreciation and amortisation) also fell 3.3% to Rs 5,921 crore from Rs 6,121 crore.
ts sales were marginally lower-than-expected. The bottomline got hit due to higher depreciation and higher tax rate and refining which was a disappointment. Refining operations disappointed the street. However, operating profit margin (OPM) expansion was due to lower other expenses and higher depreciation. CNBC-TV18 poll suggested the net profit at Rs 3,981.7 crore, net sales at Rs 32,752.7 crore and EBITDA at Rs 6,202.3 crore.
Depreciation was up 41% at Rs 1,628 crore versus Rs 1,151 crore and other expenses were down 37% at Rs 2,080 crore from Rs 3,297 crore.
Tax rate was roughly about 21% of PAT versus about 14% of PAT (profit after tax). The reason might be the hike in MAT (minimum alternate tax).
Segments
Refining is the main disappointment
Particulars | Q1 Actual | Q1FY09 (YoY) | Gain / loss |
Sales (Rs cr) | 25,180 | 32,587 | Down 22.7% |
GRM's ($/bbl) | 7.5 | 15.7 | Down $ 8.2/bbl |
Petrochem along expected lines
Particulars | Q1 Actual | Q1FY09 (YoY) | Gain / loss |
Sales (Rs cr) | 11,540 | 14,871 | Down 22.4% |
EBIT Margins | 18% | 10.6% | Up 7.4% |
OIL & GAS along expected lines
Particulars | Q1 Actual | Q1FY09 (YoY) | Gain / loss |
Sales (Rs cr) | 1864 | 787 | Up 136% |
EBIT Margins | 54.1% | 63.9% | Down 9.8% (higher depreciation) |
Operating profit stood at Rs 4,293 crore and standalone Petchem revenues declined 22.4% to Rs 11,540 crore from Rs 14,871 crore.
Standalone refining revenues slipped 22.73% to Rs 25,180 crore as against Rs 32,587 crore, YoY.
Petchem EBIT margin improved to 18% versus 10.6% while refining margin declined to 4.4% from 9.3%.
PBIT (profit before interest and tax) margin improved to 13.2% from 12.3%.
The company reported GRM (gross refining margin) at $7.50 a barrel while street expected at $ 8-8.5 a barrel.
EPS (earning per share) declined to Rs 23.10 versus 28.30.
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RIL Q1 net down 13%; experts see stock correcting on Monday
Market bellwether Reliance Industries' Q1 FY10 results have come in as a disappointment. Experts see the stock correcting on Monday. SP Tulsian of sptulsian.com sees the stock falling by Rs 175-200 on Monday, while Deepak Parekh of Angel Broking expects the stock to open 3-4% lower. The stock has a weightage of 12% on the Nifty leading to fears that it will pull the market down.
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Reliance | Q1 FY10 | Q1 FY09 | Gain / Loss |
Sales (Rs cr) | 32055 | 41579 | Down 22.9% |
EBITDA (Rs cr) | 5921 | 6121 | Down 3.3% |
OPM | 18.47% | 14.72% | Up 3.75% |
Profit (Rs cr) | 3636 | 4110 | Down 11.5% |
Segments
Refining is the main disappointment
Particulars | Q1 Actual | Q1FY09 (YoY) | Gain / loss |
Sales (Rs cr) | 25,180 | 32,587 | Down 22.7% |
GRM's ($/bbl) | 7.5 | 15.7 | Down $ 8.2/bbl |
Petrochem along expected lines
Particulars | Q1 Actual | Q1FY09 (YoY) | Gain / loss |
Sales (Rs cr) | 11,540 | 14,871 | Down 22.4% |
EBIT Margins | 18% | 10.6% | Up 7.4% |
OIL & GAS along expected lines
Particulars | Q1 Actual | Q1FY09 (YoY) | Gain / loss |
Sales (Rs cr) | 1864 | 787 | Up 136% |
EBIT Margins | 54.1% | 63.9% | Down 9.8% (higher depreciation) |
India's largest private refiner's standalone net profit declined by 11.5% to Rs 3,636 crore from Rs 4,110 crore in the same period of last year. Standalone net sales slipped 22.9% to Rs 32,055 crore versus Rs 41,579 crore year-on-year. Earning before interest, tax, depreciation and amortisation fell 3.3% to Rs 5,921 crore from Rs 6,121 crore. Operating profit stood at Rs 4,293 crore and standalone petchem revenues declined 22.4% to Rs 11,540 crore from Rs 14,871 crore last year.
A CNBC-TV18 poll suggested net profit at Rs 3,981.7 crore, net sales at Rs 32,752.7 crore, and EBITDA at Rs 6,202.3 crore.
Gross refining margins have come in at USD 7.5 per barrel as against the street's expectations of USD 8-8.5 per barrel.
MUMBAI: Reliance Industries, India's top energy firm, on Friday reported an 11.5 per cent fall in quarterly net profit, a sharper drop than the
market had been expecting.
The country's largest listed company, with a market value of about $66 bn, said its net profit fell to 36.36 bn rupees ($754 mn) from 41.1 bn a year ago.
A Reuters poll had forecast a net profit of 39.88 billion rupees.
In the quarter ended June, shares in Reliance rose 32.8 per cent, while the main index rose by nearly half.
Ahead of the results, Reliance fell 1.2 per cent to 2,013.75 rupees in a Mumbai market that rose 1 percent.
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RIL Q1 net dips 11.5% at Rs 3,636 cr
Mukesh Ambani-led Reliance Industries (RIL) recorded a 11.53 per cent decline in its net profit at Rs 3,636 crore for the first quarter ended June 30, 2009 as compared to Rs 4,110 crore.
Total income of the company decreased to Rs 32,757 crore as against Rs 41,805 crore for the quarter under review.
The stock settled with a loss of 1.2% at Rs 2,014 on the Bombay Stock Exchange today.
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Reliance Industries announced on Friday that its net profit in the first quarter fell 11.5 per cent to Rs 3636 crore from Rs 4110 crore in the corresponding period of the previous year. The company’s sales were down 23 per cent at Rs 32,055 crore in the June quarter as against Rs 41,579 crore on a year-on-year basis.
The other income of RIL stood at Rs 702 crore as compared to Rs 226 crore in the June quarter of 2008.
NDTV poll saw RIL Q1 PAT at Rs 3,929 crore and sales at Rs 32,204 crore.
Reliance Q1 net down 11.5 pct; misses f'casts
MUMBAI (Reuters) - Reliance Industries, India's top energy firm, on Friday reported an 11.5 percent fall in quarterly net profit, a sharper drop than the market had been expecting.
The country's largest listed company, with a market value of about $66 billion, said its net profit fell to 36.36 billion rupees ($754 million) from 41.1 billion a year ago.
A Reuters poll had forecast a net profit of 39.88 billion rupees.
In the quarter ended June, shares in Reliance rose 32.8 percent, while the main index rose by nearly half.
Ahead of the results, Reliance fell 1.2 percent to 2,013.75 rupees in a Mumbai market that rose 1 percent.
(For more news on Reuters Money click in.reuters.com/money)
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