Reliance Industries misses estimates, reports 3.60% rise in Q3 net profit
Reliance Industries on Monday missed analysts' estimates by reporting 3.60% year-on-year (yoy) rise in consolidated net profit for third quarter ended on December 31,2016.
RIL's consolidated net profit stood at Rs 7,506 crore against Rs 7,245 crore in the corresponding period of the previous. Also, the net profit increased by 4.16% from Rs 7,206 crore of the preceding quarter.
Bloomberg survey which included 11 analysts had stated that the oil and gas major company was likely to post an increase in the net profit to Rs 7,842 crore and standalone revenue at Rs 65,753.6 crore in Q3FY17.
Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “Our robust integrated platform, sound operational processes and business portfolio aligned to the needs of emerging India enabled us to deliver another record performance in challenging market conditions. The refining business has delivered eight consecutive quarters of double-digit GRMs, benefiting from the global demand for transportation fuels and improved product cracks."
He added, "Our growth strategy focuses on creating sustainable returns for our shareholders through value-enhancing, high-return projects. We are executing well on our projects under construction and remain confident on delivering on our growth plans."
In this Q3, consolidated total income from operations was at Rs 84,189 crore, registering growth of 16.10% year-on-year (yoy) and 3.10% quarter-on-quarter (qoq). Consolidated operating profit (EBITDA) was at Rs 14,215 crore, increasing by 3.9% yoy and 4.9% qoq.
On standalone front, RIL recorded net profit of Rs 8022 crore, up by 9.95% yoy and 4.12% qoq. While total income from operations stood at Rs 66,606 crore, growing by 8.96% yoy and 3.51% qoq.
Also, exports from India operations were higher by 4.0% at Rs 38,038 crore ($ 5.6 billion) as against Rs 36,564 crore in the corresponding period of the previous year.
Between the October - December 2016, period the corporate highlights for Reliance Industries are:
In November 2016, RIL and GE signed a global partnership agreement in the Industrial IOT (IIOT) space whereby RIL and GE will work together to build out joint applications on GE’s Predix
In November 2016, the world’s first Very Large Ethane Carrier (VLEC) “ETHANE CRYSTAL” was received by Reliance. The VLECs will serve to transport Ethane from USA to India, and are the
largest vessels ever built for transportation of Ethane at an industrial scale.
In December 2016, Reliance Jio Infocomm Limited (RJIL, a subsidiary of RIL), became the world’s fastest growing technology company crossing 50 million subscribers in a record 83 days. RJIL also announced the launch of ‘Jio Happy New Year Offer’.
In December 2016, RIL commissioned the first phase of new Paraxylene project at Jamnagar
During Q2FY17, the company reported a drop of nearly 23% in net profit. The company's consolidated net profit declined to Rs 7,206 crore from Rs 9,345 crore during the quarter ended on September 30, 2015.