Reliance Industries Limited
(RIL), India’s largest conglomerate led by Mukesh Ambani, posted on Friday 22
April 2016 its final performance of the final quarter of the financial year
2015-2016 which ended on 31 March 2016. The highlight of the report was that
RIL witnessed a net profit increase of 17.3% to INR 7,320 crore ($ 1.1
billion).
While the total turnover (consolidated
revenue) decreased by 8.9% from 73, 341 crore to 64,569 crore, cash profit
increased by more than 13%. Standalone value of exports decreased by 17.5% to
INR 30,935 crore ($ 4.7 billion). Other than Jio’s spectrum sharing pact for
using 800 MHz across 17 circles with Anil Ambani-led Reliance Communications,
RIL declared an interim dividend of 105%. This represents a payout of INR 3,717
crore ($ 561 million). Basic earnings per share (EPS) for the quarter ended 31st March 2016 was INR 25.1 as against INR 21.7 in the corresponding period of
the previous year.
Commenting on the results, Mukesh
D. Ambani, Chairman and Managing Director, Reliance Industries Limited said:
“FY 2015-16 has been a year of outstanding achievement for our downstream
hydrocarbon businesses, notwithstanding persisting global economic uncertainty.
Refining and petrochemicals delivered record operating and financial
performances. Our refineries sustained double-digit GRMs and record levels of
utilization through the year. Our balanced petrochemical portfolio, across
products and feedstocks, helped capture the benefit of vastly improved naphtha
cracking economics and favourable polymer markets. Reliance Retail continued
its path of profitable expansion while maintaining a robust revenue growth of
23% during the year. Looking ahead, we are focused on ensuring a flawless
start- up and stabilization of the new growth platforms across our hydrocarbon
and consumer businesses. The commercial roll-out of our Jio services this year
will digitally enable a billion Indians and propel growth for India and
Reliance.”
As per the report by RIL, “RIL
achieved a consolidated turnover of ` 296,091 crore ($ 44.7 billion) for the
year ended 31st March 2016, a decrease of 23.8%, as compared to ` 388,494 crore
in the previous year. The decline in turnover reflects sharp fall in feedstock
and product prices during the year, partially offset by record crude throughput
and higher petrochemicals volumes.”
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 and BBB+ from S&P.
Summary: Reliance
Industries posted a profit growth rate of 17% for its final quarter of the
financial year 2015-16 with an overall turnover of INR 64,569 crore.