Reliance Industries Highest Ever Quarterly (Q1, FY 2011) Revenue, PBDIT and Net Profit
Turnover achieved for the quarter ended June 30 was $13.1 billion, an increase of 88.1% over the corresponding period of the previous year. Increase in volume accounted for 48.4% growth in revenue and higher prices accounted for 39.7% growth in revenue.
Exports were higher 103.5% at $7.1 billion.
Consumption of raw materials increased by 85.4% to $10.0 billion mainly on account of higher crude oil processed in the SEZ refinery. Volumes accounted for 34.9% increase and higher prices accounted for 50.5% increase in the value of consumptions of raw materials, primarily crude. Purchases for traded goods increased 19.3%.
Employee costs were up 10.7% to $133 million for the quarter due to higher payout.
Other expenditure increased by 56.4% to $771 million due to higher selling expenses on additional volumes, shutdown expenses, royalty on higher oil & gas production and exchange difference.
Operating profit before other income and depreciation increased by 46.3% to $2.0 billion. Net operating margin was lower at 15.3% as compared to 19.7% in the corresponding period of the previous year due to base effect and softer margin environment in petrochemicals partially offset by incremental share of the higher margin oil & gas business.
Other income was 1.8% higher at $155 million.
Depreciation (including depletion and amortization) was 85.6% higher at $750 million against the corresponding period of the previous year primarily on account of higher depletion charge in oil & gas and increased depreciation in the refining business.
Interest cost was 17.6% higher at $117 million. Gross interest cost was 28.2% lower at $ 138 million on account of lower average debt and lower interest rates. Interest capitalized was 76.5% lower at $22 million due to commissioning of KG D6 and SEZ projects in the corresponding period of the previous year.
Profit after tax was up 32.3% to $1.0 billion.
Basic earnings per share (EPS) post allotment of bonus shares for the quarter ended June 30 was $0.32.
Outstanding debt on June 30 was $15.8 billion, up 17.49% as on March 31. Net gearing as on June 30 was 24.2% against 22.0% on March 31.
RIL has cash and cash equivalents of $5.7 billion. These are in fixed deposits, certificate of deposits with banks, mutual funds and Government securities / bonds.
RIL's net debt is equivalent to 1.2 times annualized PBDIT for the quarter ended June 30.
The net capital expenditure towards projects for the quarter ended June 30 was $781 million.
