Mukesh Ambani's flagship company and index heavyweight, Reliance Industries (RIL) has announced its Q1FY10 numbers. Its standalone net profit declined 11.5% to Rs 3,636 crore from Rs 4,110 crore in the same period of last year.
The company's standalone net sales slipped 22.9% to Rs 32,055 crore versus Rs 41,579 crore, YoY. Its EBITDA (earning before interest, tax, depreciation and amortisation) also fell 3.3% to Rs 5,921 crore from Rs 6,121 crore.
Its sales were marginally lower-than-expected. The bottomline got hit due to higher depreciation and higher tax rate and refining which was a disappointment. Refining operations disappointed the street. However, operating profit margin (OPM) expansion was due to lower other expenses and higher depreciation. A poll suggested the net profit at Rs 3,981.7 crore, net sales at Rs 32,752.7 crore and EBITDA at Rs 6,202.3 crore.
Depreciation was up 41% at Rs 1,628 crore versus Rs 1,151 crore and other expenses were down 37% at Rs 2,080 crore from Rs 3,297 crore.
Tax rate was roughly about 21% of PAT versus about 14% of PAT (profit after tax). The reason might be the hike in MAT (minimum alternate tax).
Operating profit stood at Rs 4,293 crore and standalone Petchem revenues declined 22.4% to Rs 11,540 crore from Rs 14,871 crore.
Standalone refining revenues slipped 22.73% to Rs 25,180 crore as against Rs 32,587 crore, YoY.
Petchem EBIT margin improved to 18% versus 10.6% while refining margin declined to 4.4% from 9.3%.
PBIT (profit before interest and tax) margin improved to 13.2% from 12.3%.
The company reported GRM (gross refining margin) at $7.50 a barrel while street expected at $ 8-8.5 a barrel.
EPS (earning per share) declined to Rs 23.10 versus 28.30.
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