RIL net up 4.8% at Rs23,566 cr despite a 13% fall in revenue
17 April 2015
Reliance Industries Ltd (RIL) has reported a 4.8 per cent increase in its net profit (after tax) at Rs23,566 crore for the 2014-15 financial year ended 31 March 2015, despite a 13 per cent decline in its annual turnover.
RIL had reported a net profit of Rs22,493 crore in the previous financial year.
For the year ended 31 March 2015, RIL said its turnover declined by 13.0 per cent to Rs388,494 crore ($62.2 billion) compared to Rs446,339 crore in the previous year. The decline in turnover reflects sharp fall in crude oil prices during the second half of the year, the company said in a release.
Crude oil price averaged at $85.4 per barrel in FY15, a fall of 21 per cent on Y-o-Y basis. With decrease in oil and product prices, exports from India were lower by 17.1 per cent at Rs228,651 crore ($36.6 billion) against Rs275,825 crore in the previous year.
RIL said strong operating performance from the refining business and stable petrochemicals business performance led higher operating profits. Operating profit before other income and depreciation increased by 7.3 per cent on a Y-o-Y basis from Rs34,799 crore to Rs37,364 crore ($6.0 billion). Profit after tax was higher by 4.8 per cent at Rs23,566 crore against Rs22,493 crore in the previous year.
For the fourth quarter of the financial year ended 31 March 2015, RIL reported record profit of Rs6,381 crore (over $1 billion), an year-on-year increase of 8.5 per cent and a sequential increase of 21.4 per cent.
Turnover for the quarter stood at Rs70,863 crore ($ 11.3 billion), down 33.3 per cent year-on-year and 26.4 per cent lower compared to Q4 FY'14 revenues.
Profit before depreciation, interest and taxation (PBDIT) during the fourth quarter of the 2014-15 fiscal increased by 3.8 per cent to Rs11,973 crore ($1.9 billion) while profit before tax increased by 11.3 per cent to Rs8,509 crore ($1.4 billion).
RIL said its cash profit during the quarter increased by 6.0 per cent to Rs9,516 crore ($1.5 billion).
RIL earned $10.1 on refining every barrel of crude oil into fuel as compared to a gross refining margin of $9.3 per barrel in the fourth quarter of the previous 2013-14 fiscal.
The company announced a dividend of Rs10 per share.
RIL chairman and managing director Mukesh D Ambani said: ''In a time when the collapse of crude oil prices unsettled the hydrocarbons markets, our refining business delivered record earnings.
''The earnings power demonstrated by our hydrocarbon businesses in this environment validates our philosophy of investing in world-scale, cost competitive assets, cutting-edge technology and the talent of people.''