Reliance reports Q3 net profit of Rs 5511 crore

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Reliance reports Q3 net profit of Rs 5511 crore
India's largest private sector company by revenues, Reliance Industries has reported net profits of Rs 5511 crores for the quarter ending Dec 31, 2013, which were better than estimates.

Revenue (turnover) increased by 10.5 per cent to Rs 106,383 crore for the period. The company's gross refining margin, which is always eagerly watched by analysts was placed at at $7.6 /bbl for the quarter, slightly better than estimates.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: "Reliance's robust refining configuration enabled it to deliver stable refining profits in 3Q FY14, against the backdrop of declining regional benchmark margins. Even as we invest to further strengthen our energy businesses, this quarter demonstrates the outstanding quality of our refining and petrochemical business resources and their ability to deliver creditable performance in a period marked by cyclicality and uncertainties. We are happy to announce the commissioning of our new polyester facility in Silvassa, the first amongst a series of projects that underpin RIL's industry-leading competitive position. Our retail business continues on its rapid growth trajectory with 38% revenue growth during the quarter."

Outstanding debt as on 31st December 2013 was Rs 81,330 crore ($ 13.2 billion) compared to Rs 72,427 crore as on 31st March 2013.

RIL had cash and cash equivalents of Rs 88,705 crore ($ 14.4 billion). These were in bank deposits, mutual funds, CDs and Government securities / bonds. RIL is debt free on a net basis as at 31st December 2013.

RIL retained its domestic credit ratings of AAA from CRISIL and FITCH and an investment grade rating for its international debt from Moody's as Baa2. S&P has raised the long term corporate credit rating to BBB+ from BBB. The stock may react positively to the numbers on Monday.

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