Reliance Q1 earnings up 28%; GRM at Dollars 11.9/bbl

JioFiber broadband or Rs 500 4G phone What will Reliance Industries announce on July 21

Instead, the Mukesh Ambani-led company's GRM improved to a nine-year-high of $11.9 per barrel from $11.5 in the previous quarter, as well as the year-ago period.

1Q FY18 revenues for the Oil & Gas segment decreased by 1.2 percent on a Y-o-Y basis to Rs 1,324 crore primarily due to lower volumes in U.S. shale and domestic operations.

Standalone revenue from operations climbed 18.4 percent to 704.34 billion rupees.

"RIL proposes to acquire 2.52 crore equity shares of BTL, constituting 24.92 per cent of the post-issue paid-up capital of BTL... for cash consideration of Rs 164 per equity share amounting to an investment of Rs 413.28 crore", the company informed the BSE.

On a sequential basis, organised retail business showed 12 percent growth at Rs 11,571 crore and EBIT grew by 20.2 percent to Rs 292 crore, with margin expansion of 17 basis points.

The vertically-integrated company's petrochemicals business complemented the refining vertical's performance as well, with revenues increasing 22.9 percent over the year earlier to Rs 25,461 crore. "The increase in revenue is primarily on account of increase in prices and volumes of refining and petrochemical products partially offset by lower prices and volumes from E&P business. Retail business also witnessed accelerated growth momentum with year-on-year revenue growth of 74 per cent", said Ambani, Chairman and Managing Director, RIL.

Segment EBIT (including exceptional item of Rs 1,087 crore) increased by 13.4% (YoY) to a record level of Rs 7,476 crore, against Rs 6,593 crore in Q1FY17. "This digital services business has been built to address the entire value chain across the digital services domain with smart applications to make life simple, lovely and secure".

"Over the past three to four years, we made significant investments in new plants, thus creating organic growth platforms for our energy and materials businesses". Full commissioning of new PX facility at Jamnagar during the quarter will strengthen the integration within our polyester chain.

RIL also became India's most indebted company with outstanding debt climbing to ₹2,00,674 crore as on June 30, against cash and cash equivalents of ₹ 72,107 crore. Ramp-up of ethane import project has helped in diversifying feedstock sources and mitigating risks for our existing crackers at Dahej and Hazira.

The shares slid 0.3% to close at ₹1,528.70 prior to the results, which were announced after close of trading.

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