RIL Q3 net profit jumps 162%, total income up 23%

RIL Q3 net profit jumps 162%, total income up 23%


Reliance Industries has posted a net profit of Rs 8,079 crore for the three months ended December 31, 2007, a jump of over 162 per cent from the profit after tax of Rs 3,081 crore reported in the corresponding quarter of 2006. Total income for October-December was Rs 34,831 crore, up 23 per cent from Rs 28,315 crore in the same quarter of last year. Indian Petrochemicals Corporation was amalgamated with Reliance Industries on Sep 5, 2007, with retrospective effect from Apr 1, 2006. Consequently, 6,01,40,560 equity shares of Rs 10 each were allotted to shareholders of IPCL on Oct 13, 2007.

In view thereof, figures for the quarter and nine months ended Dec 31, 2006 have been restated. Exceptional item represents gains arising out of transactions concerning Reliance Petroleum Ltd shares. The company has reserved issuance of 6,96,75,402 shares of Rs 10 each for offering to employees and its subsidiaries under Employees Stock Option Scheme. During 2006-07, the company granted 2,87,28,000 options to employees for subscribing to equivalent number of fully paid-up equity shares. During the period ended Dec 31, 2007, the company further granted 10,35,000 options as per the terms of the ESOS. The options would vest over a period of seven years from the date of grant.

Reliance Industries had revalued plant, equipment and buildings situated at Patalganga, Hazira, Naroda and Jamnagar in earlier years. Consequent to the revaluation, there is an additional charge for depreciation of Rs 1,332 crore for the nine months period and an equivalent amount has been withdrawn from Revaluation Reserve. This has no impact on the profit for the period. The company continued to adjust the foreign currency exchange differences on amounts borrowed for acquisition of fixed assets, to the carrying cost of fixed assets in compliance with Schedule VI to the Companies Act, 1956, which is at variance to the treatment prescribed in Accounting Standard (AS 11). Had the treatment as per AS 11 been followed, the net profit for nine months would have been higher by Rs 514 crore.

During the quarter Reliance Digital Retail Ltd, Reliance Brands Pvt Ltd, Reliance Wellness Ltd, Reliance Footprint Ltd, Reliance Integrated Agri Solutions Pvt Ltd, Reliance Trends Ltd, Reliance Lifestyle Holdings Pvt Ltd, Reliance Universal Ventures Pvt Ltd, Reliance Autozone Pvt Ltd, Strategic Manpower Solutions Pvt Ltd, Reliance Gems and Jewels Ltd, Delight Proteins Pvt Ltd, Reliance F&B Services Pvt Ltd, Reliance Agri Products Distribution Pvt Ltd, Reliance Leisures Pvt Ltd, Reliance Retail Securities and Broking Company Pvt Ltd, Reliance Home Store Pvt Ltd, Reliance Trade Services Centre Pvt Ltd, Reliance Food Processing Solutions Pvt Ltd, Reliance Supply Chain Solutions Pvt Ltd, Reliance Digital Media Pvt Ltd, Reliance Loyalty & Analytics Pvt Ltd, became subsidiaries of Reliance Industries.


RIL shares down 1.24% at Rs 3,060 post Q3
Reliance Q3 net zooms to Rs 8,079 crore
Refining margins at $15.4 per barrel

RIL Q3 GRM stood at USD 15.4 per barrel
Q3 Highlights:

Q3 FY08 result highlights:
RIL Q3 standalone net sales at Rs 34,590 cr Vs Rs 28,195 cr
RIL Q3 standalone net profit at Rs 3,882 cr Vs Rs 3,081 cr
RIL Q3 GRM at $15.4/bbl; OPM at 16.9%
Diluted EPS at Rs 26.70, excl exceptional income
Refining, marketing rev up 25% at Rs 26154 cr
Refining, marketing EBIT up 36% at Rs 2,614 cr
Refining margin at 10% Vs 9.2%
Petchem margins at 14% Vs 13.6%
Petchem rev down 3% at Rs 12,706 cr
Depreciation lower at Rs 3,467 cr Vs Rs 3,588 cr
GRM at $15.4/bbl Vs Singapore margin of $7.7; OPM at 16.9%


RIL Q3 GRM stood at USD 15.4 per barrel... Jan 17
RIL sees petchem EBIT margins at 13-15% ov... Jan 17
PAT from RIL’s core biz below expectation:... Jan 17
Reliance Industries Q3 net jumps 3 times (Update)



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