Reliance Industries Q4FY17 result beat estimates; net profit rise by 13%
Reliance Industries on Monday announced its financial result for the quarter ended March 31, 2017. The company reported a standalone net profit of Rs 8,151 crore, a rise of just 1.6% on quarter-on-quarter basis and a jump of 12.7% on year-on-year basis. On consolidated basis, the company's Q4 net profit stood at Rs 8,053 crore, a rise of 11.5% on year-on-year basis as against Rs 7,220 crore in Q4FY16.
In the whole financial year, the company reported a net profit of Rs 31,425 crore, an increase of 15% as compared to Rs 27,384 crore in FY16.
The company's outstanding debt at the end of March 31 stoof at Rs 3030 crore. The Q4FY17 revenue was Rs 74,600 crore.
Reliance Jio's subscribers stood at 10.89 crore by the end of March 31.
The shares of the company closed at Rs 1416.40 per piece, up 1.19% or Rs 16.65.
After beating estimates with nearly 18% growth in consolidated net profit of Q1, the company reported a drop of 23% in the same during Q2 of financial year 2016-17 (FY17).
Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited during Q3 announcement said, “The refining business has delivered eight consecutive quarters of double-digit GRMs, benefiting from the global demand for transportation fuels and improved product cracks."
Majority of analysts expect Reliance Q4 net profit to be supported by higher petchem profitability.
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Analysts at HDFC Securities said, “Reliance Industries' fourth quarter earnings are expected to be steady to strong as higher petchem profitability may drive sequential operational improvement. Petchem segment should benefit from strong cracker margin.”