Reliance Industries Surprises Street For Seventh Straight Quarter
Reliance Industries Ltd. (RIL) reported a 1.6 percent sequential growth in standalone profit in the January-March quarter to Rs 8,151 crore. Revenue rose 12 percent to Rs 74,598 crore on a quarter-on-quarter basis, the company said in a filing to the stock exchanges on Monday.
Earnings before interest, tax and depreciation and amortisation (EBITDA) fell 2.2 percent to Rs 12,651 crore compared to the previous quarter. EBITDA margins expanded by 104 basis points to 16.96 percent on a standalone basis.
The petrochemical and refining business continued to generate profit, with gross refining margin (GRM) increasing to $11.5 per barrel versus expectations of $11/barrel.
“Refining and petrochemicals businesses achieved record levels of profitability, underpinned by our ability to access feedstock competitively from global markets, maintain high operating rates and place products in growth markets,” RIL Chairman Mukesh Ambani said in the company’s media statement.
With ongoing projects our portfolio will become significantly more robust and integrated, securing long-term profitable growth.Mukesh Ambani, Chairman, RIL
RIL was expected to report revenue, net profit and EBITDA of Rs 66,572 crore, Rs 8,021 crore and Rs 11,330 crore respectively, according to the consensus of 11 analysts tracked by Bloomberg.
Shares closed at Rs 1,416.4, up 1.2 percent on the BSE on Monday, while the S&P BSE Sensex Index rose a percent to close at 29,655.8 on Monday.
Year-to-date RIL is the top gainer on the S&P BSE India Oil & Gas Index and has outperformed, gaining more than 30 percent as against 18 percent rise in the index.
Earlier, the company a reported a nearly Rs 12,000 crore writedown in its wholly owned telecom subsidiary Reliance Jio Infocomm Ltd.