RIL net up 25% at Rs 9,423 crore
Posted on 20th January 2018 |
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| Reliance Industries Ltd (RIL) reported a strong set of numbers for the three months ended December 2017, beating street estimates on all fronts. Boosted by volume increase with the start-up of petrochemicals projects and increase in prices in refining and petrochemical businesses, consolidated net profit excluding exceptional items increased a sharp 25.1% year-on-year to Rs 9,423 crore. Gross refining margins came in at $11.6/bbl against $10.8/bbl in Q3FY17, in line with street estimates. But EBIT (earnings before interest and tax) for the refining and marketing business marginally fell 0.5% y-o-y to Rs 6,165 crore during the period. RIL’s gross refining margins (GRM) outperformed Singapore complex refining margins by $ 4.4/bbl. Petrochemicals segment EBIT was at a record level of Rs 5,753 crore supported by strong volume growth, higher margins for Polypropylene and downstream polyester products. The volume growth was led by the world’s largest ROGC coming on-stream. The company recorded revenues of Rs 109,905 crore crore, an increase of 30.5% y-o-y. Increase in revenue is primarily on account of volume increase with start-up of petrochemicals projects and increase in prices in refining and petrochemical businesses. The increase in consolidated revenues reflect robust growth of 116% in retail business and continued enhancement in Jio’s wireless operations. Revenue from the retail business for the quarter more than doubled to Rs 18,798 crore. RIL’s operating profit before other income and depreciation increased by 52% y-o-y to Rs 17,588 crore. Strong operating performance was driven by growth in petrochemicals, retail and digital services businesses along with firm refining margins. RIL’s outstanding debt as on December 31, 2017 stood at Rs 2.13 lakh crore versus Rs 2.14 lakh crore at the end of September 2017 and Rs 2 lakh crore as on June 2017. Finance cost increased a sharp 74% y-o-y to Rs 2,095 crore. This increase is primarily due to lower capitalization of finance cost related to commencement of digital services business (Rs 712 crore) and higher loans balance partially offset by exchange rate variation during the quarter. The capital expenditure for the quarter ended 31st December 2017 was Rs 17,336 crore including exchange rate difference capitalization. Capital expenditure was principally on account of digital services business, balance of expenditure for projects in the petrochemicals and refining business at Jamnagar and in organized retail business. Of the Rs 17,000 odd crore capex, Rs 7,000 crore was on account of Jio, Rs 6,000 crore for RIL, Rs 2,000 crore in retail and remaining Rs 2,000 crore in other sectors. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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