Operating profit before other income and depreciation increased 12.7% to Rs 20,832 crore from Rs 18,477 crore in the corresponding period of the previous year. The growth in operating profit was led by strong operating performance in Petrochemicals, Retail and Digital services
GRM during the quarter stood at $ 8.2/bbl - outperforming Singapore benchmark by $ 5/bbl as against $ 11/bbl in the previous year quarter and quarterly crude throughput was 16 MMT compared to 16.7 MMT in Q4FY'18. KG-D6 production stood at 1.82 MMSCMD in Q4FY'19 compared to 4.3 MMSCMD in Q4FY'18
Other expenditure increased by 59.6% to Rs 21,834 crore as against Rs13,680 crore in corresponding period of the previous year primarily due to higher network operating expenses, regulatory charges, programming and telecast related expenses, lease rent and selling expenses. Depreciation (including depletion and amortization) was Rs 5,295 crore as compared to Rs 4,852 crore in corresponding period of the previous year. The increase was largely on account of RJIL's Wireless Telecommunication Network. Finance cost was at Rs 4,894 crore as against Rs 2,566 crore in corresponding period of the previous year. This increase is primarily on account of commencement of petrochemical projects at Jamnagar and Digital Services business. Higher loan balances also contributed to the increase in finance cost.
Profit after tax was higher by 9.8% at Rs 10362 crore as against Rs 9,438 crore in the corresponding period of the previous year.
For FY 2019 RIL achieved a net sales of Rs 581020 crore, an increase of 42% as compared to Rs 408265 crore in the previous year. Increase in revenue is primarily on account of higher realization for Refining & Petrochemical products with a 22% increase in average Brent Crude Price on Y-o-Y basis. Higher volumes with stabilization of new Petrochemical facilities also contributed to revenue growth. RIL's consolidated revenue was also improved on account of robust growth in Retail and Digital Services business. Retail business and Digital Services business recorded an increase of 88.7% and 94.5% in revenue as compared to previous year. Exports (including deemed exports) from India were higher at Rs 224,391 crore as against Rs 176,117 crore in the previous year.
Operating Profit before other income, depreciation and exceptional items increased 30.8% on a Y-o-Y basis to Rs 83,918 crore as compared to Rs 64,176 crore in the previous year. Volume growth in Petrochemicals and rapidly increasing contribution from consumer businesses led to significant rise in operating profit for the year. Petrochemicals EBIT margin was at all time high of 18.7%.
Profit after tax before exceptional item was higher by 13.1% at Rs 39,588 crore as against Rs 34,988 crore in the previous year. Relatively lower growth in profit after tax is mainly due to higher interest charges and depreciation due to stabilization of projects.
Outstanding debt as on 31st March 2019 was Rs 287,505 crore compared to Rs 218,763 crore as on 31st March, 2018. Cash and cash equivalents as on 31st March, 2019 were at Rs 133,027 crore compared to Rs 78,063 crore as on 31st March, 2018. The capital expenditure for the quarter ended 31st March,2019 was Rs 32,665 crore.
Segment wise 4Q FY19 revenue from the Refining & Marketing segment decreased by 6.1% Y-o-Y to Rs 87,844 crore while Segment EBIT declined by 25.5% Y-o-Y to Rs 4,176 crore. R&M segment performance was impacted by lower crude throughput due to planned maintenance. Also, weak light and middle distillate product cracks impacted GRM. GRM for 4Q FY19 stood at $ 8.2/bbl, outperforming Singapore complex margins by $ 5.0/bbl. FY19 revenue from the Refining & Marketing segment increased by 28.7% Y-o-Y to Rs 393,988 crore from Rs 306,095 crore, primarily on account of higher crude prices during the year. Segment EBIT decreased by 19.8% to Rs 19,868 crore, impacted by volatile crude prices, multi-year low gasoline and naphtha cracks. GRM for FY19 stood at $9.2 /bbl, outperforming Singapore complex margins by $4.3/bbl.
4Q FY19 revenue from the Petrochemicals segment increased by 11.3% Y-o-Y to Rs 42,414 crore mainly due to increase in price realizations and volumes in PTA, PP and Paraxylene. Petrochemicals segment EBIT was at Rs 7,975 crore, up 23.9% Y-o-Y. Petrochemical segment recorded strong EBIT margin of 18.8%, aided by strength in PX margins. FY19 revenue from the Petrochemicals segment increased 37.3% Y-o-Y to Rs 172,065 crore, primarily due to higher volumes and prices which reflected full benefits of ROGC and Paraxylene capacity expansion projects. Petrochemicals segment EBIT increased sharply by 51.9% to its highest ever level of Rs 32,173 crore. Strong integrated polyester chain margins offset weakness across the polymer chain which was impacted by incremental supplies from new US crackers.
4Q FY19, revenue for the Oil & Gas segment increased 43.3% Y-o-Y to Rs 1,069 crore. Segment EBIT at Rs (267) crore as against Rs (600) crore in the corresponding period of the previous year. The segment performance continued to be impacted by declining volume. Domestic production was lower at 12.5 BCFe, down 32% Y-o-Y whereas production in US Shale operations declined by 35% to 20.9 BCFe. FY19 revenues for the Oil & Gas segment decreased 3.8% Y-o-Y to Rs 5,005 crore. Volumes from conventional fields and US shale were lower on account of natural decline and slowdown in development activity. Segment EBIT was at Rs (1,379) crore as against Rs (1,536) crore in the previous year. For the year, domestic production (RIL share) was at 58.9 Bcfe, down 25.4% Y-o-Y and in US Shale (RIL share) business was 94.5 Bcfe, down 32% Y-o-Y basis.
Retail revenue for 4Q FY19 grew by 51.6% Y-o-Y to Rs 36,663 crore as against Rs 24,183 crore in the corresponding period of the previous year. Business PBDIT for 4Q FY19 grew by 77.1% Y-o-Y to Rs 1,923 crore as against Rs 1,086 crore in the corresponding period of the previous year. For FY19 revenues grew by 88.7% Y-o-Y to Rs 130,566 crore as against Rs 69,198 crore in the previous year. Business PBDIT for FY19 grew by 145.2% Y-o-Y to Rs 6,201 crore as against Rs 2,529 crore in previous year. During the year, retail area under operations grew by 24.2% to 22 Mn.sq.ft.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: During FY 2018-19, we achieved several milestones and made significant strides in building Reliance of the future. Reliance Retail crossed ₹ 100,000 crore revenue milestone, Jio now serves over 300 million consumers and our petrochemicals business delivered its highest ever earnings. I am proud of the entire Reliance team; their hard work and dedication has laid the foundation for these achievements and many more to come. The Company has delivered record consolidated net profit of ` 39,588 crore for the year in a period of heightened volatility in the energy markets. I am delighted to highlight that our Company has more than doubled its PBDIT in last five years to ` 92,656 crore - establishing a global benchmark for value creation.
Focus on service and customer satisfaction led to higher numbers of subscribers and footfalls across our consumer businesses, driving robust revenue growth. Our endeavour is to create better experiences for our customers, leading to a better shared future.
Business Environment update
Domestic Oil and Gas Operation
Oil & Gas (US Shale)
Petrochemical Business
Polymer & Cracker
Polyester Chain
Organized Retail
Media Business
Digital Service Business
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Reliance Industries : Consolidated Results
Reliance Industries : Standalone Results
Reliance Industries: Consolidated Segment Results
Reliance Industries: Standalone Segment Results
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