Friday, April 22, 2011

Reliance net up 25 % at Rs.20,286 crore

Reliance Industries has reported a net profit of Rs. 20,286 crore for the year ended March 31, 2011, against Rs. 16,236 crore in the previous year, a rise of 25 per cent.

For the fourth quarter ended March 31, 2011, the company reported a 14 per cent rise in net profit at Rs. 5,376 crore against Rs. 4,710 crore in the year-ago period.

The board of directors has recommended a dividend of Rs. 8 per share of Rs. 10 each, aggregating Rs. 2,772 crore, including dividend distribution tax.

The turnover for the year ended March 31, 2011, was Rs. 258,651 crore, an increase of 29 per cent over the previous year. Exports were higher by 33 per cent at Rs. 146,667 crore against Rs. 110,176 crore in the previous year.

Consumption of raw materials increased by 31 per cent to Rs. 193,234 crore mainly on account of higher crude oil prices as well as higher volume of crude oil processed in the SEZ refinery.

Staff costs were Rs. 2,624 crore for the year against Rs. 2,350 crore, reflecting increased benefits to personnel. Other expenditure increased by 27 per cent from Rs. 12,563 crore to Rs. 15,965 crore due to lower capitalisation of pre-operative expenditure, higher selling expenses on additional volumes primarily from the SEZ refinery, royalty on higher oil and gas production and higher shutdown expenses in refining and petrochemicals.

The operating profit, before other income and depreciation, increased by 25 per cent from Rs. 30,581 crore to Rs. 38,126 crore. Other income was higher by 24 per cent at Rs. 3,052 crore against Rs. 2,460 crore primarily due to higher average cash balances. Depreciation (including depletion and amortisation) was higher by 30 per cent at Rs. 13,608 crore against Rs. 10,497 crore mainly on account of higher depletion charge in the oil and gas business and incremental depreciation due to the SEZ refinery.

Interest cost was higher at Rs. 2,328 crore against Rs. 1,997 crore due to lower capitalisation of interest charges.

Basic earnings per share (EPS) for the year stood at Rs. 62 against Rs. 49.70. Outstanding debt as on March 31, 2011 was Rs.67,397 crore against Rs.62,495 crore as on March 31, 2010.“Reliance had a record year with strong financial and operating performance. Global economic growth, emerging markets demand and tightness in the markets led to recovery in refining margins and record petrochemical earnings. Reliance also entered into a strategic partnership with BP to exploit the full potential of its domestic upstream portfolio. Joint ventures in shale gas diversified our portfolio and are creating new competencies. Our committed investments in core business and new initiatives are expected to result in sustained earnings growth,” said Mukesh D. Ambani, Chairman and Managing Director of the company.


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