RIL posts Rs 3,189 cr profit - highest in pvt sector Monday, October 25 2004 16:13 Hrs (IST)
Mumbai:
Reliance Industries Limited has announced its unaudited results for the half-year ended September 30, 2004. Gross Turnover (Turnover and Interdivisional Transfers) of Rs 43,680 crores ($ 9,494 million). Net Profit of Rs 3,189 crores ($ 693 million) - the highest in the private sector.
The performance highlights of Reliance Industries Limited for the half-year ended September 30, 2004 are:
Gross Turnover of Rs 43,680 crores ($ 9,494 million) against Rs 35,202 crores for the corresponding previous period, an increase of 24 %.
Turnover of Rs 33,610 crores ($ 7,305 million) against Rs 27,311 crores for the corresponding previous period, an increase of 23 %.
Operating Profit (PBDIT) increased to Rs 6,618 crores ($ 1,438 million) against Rs 5,069 crores for the corresponding previous period, an increase of 31 %.
Cash Profit (before depreciation and deferred tax) of Rs 5,419 crores ($ 1,178 million) against Rs 4,215 crores for the corresponding previous period, an increase of 29 %.
Net Profit of Rs 3,189 crores ($ 693 million) against Rs 2,367 crores for the corresponding previous period, an increase of 35 %.
The total paid up equity share capital stood at Rs 1,396 crores ($ 303 million).
Earnings Per Share (EPS) for the half-year is Rs 22.8 ($ 0.50) & Cash Earnings Per Share (CEPS) for the half-year is Rs 38.8 ($ 0.84).
Annualised Earnings Per Share (EPS) is Rs 45.7 ($ 0.99) & Annualised Cash Earnings Per Share (CEPS) is Rs 77.6 ($ 1.69).
The company's contribution to the national exchequer in the form of various taxes was Rs 7,077 crores ($ 1,538 million) against Rs 6,016 crores for the corresponding previous period.
The Company's production of oil & gas and petrochemicals, including toll conversion, is 6.29 million tonnes during the half-year, against 6.05 million tonnes for the corresponding previous period, an increase of 4 %.
The Company's refinery operated at 96 % capacity utilisation and processed 15.94 million tonnes of crude during the half-year.
Exports including deemed exports were Rs 10,036 crores ($ 2,181 million), against Rs 7,837 crores for the corresponding previous period, an increase of 28 %.
The Company's operations have helped the nation save precious foreign exchange to the tune of Rs 19,910 crores ($ 4,327 million), against Rs 11,854 crores for the corresponding previous period, an increase of 68 %.
Net profit, after consolidating the financials of subsidiary and associate companies is Rs 3,201 crores ($ 696 million), against Rs 2,404 crores for the corresponding previous period, an increase of 33 %.
The difference is mainly on account of foreign exchange differences and premium paid on extinguishment of debt.
Commenting on the results, Mukesh D Ambani, Chairman & Managing Director, Reliance Industries Ltd., said, "We are happy that Reliance has reported another quarter of record breaking financial performance. With continuing indication of an upturn in the refining and petrochemical cycle we are confident of achieving superior performance in the quarters ahead."
Anil D Ambani, Vice-Chairman & Managing Director, Reliance Industries Ltd, added, "We are delighted with Reliance's record financial performance in a period which, witnessed high volatility in both product and raw material prices, and significant reduction in import tariffs across our major petroleum products.
Reliance's strong performance under such difficult conditions reflects the global competitiveness of its operations; its leadership in domestic markets and a healthy presence in export markets.
During the period under review, domestic demand for petroleum products showed robust growth, while demand for petrochemical products was marginally subdued, due to inventory corrections in the downstream industry.
The business environment in the current quarter remains healthy, and barring unforeseen circumstances, we are confident of achieving superior financial performance in the future."
