RIL Q2 FY14 RESULTS
From our Research Desk
RIL has announced better-than-expected Q2FY14 revenues of Rs.1.04 lakh crore and PAT of Rs. 5,490 crore, entailing EPS of Rs. 17 for the second quarter. GRM stood at US $ 7.7 per barrel.
(Rs./Crore)
| Particulars | Q1 ending 30-09-13 | H1 ending 30-09-13 | Q1 ending 30-06-13 | Year end 31-03-13 |
| Segment Revenue |
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| 1) Petrochem | 24,892 | 46,842 | 21,950 | 88,108 |
| 2) Refinery | 97,456 | 1,78,914 | 81,458 | 3,33,774 |
| 3) Oil & Gas | 1,464 | 2,918 | 1,454 | 8,280 |
| 4) Others | 330 | 946 | 616 | 953 |
| Gross Turnover | 1,24,142 | 2,29,620 | 1,05,478 | 4,31,115 |
| Less: Inter Segment | 17,619 | 32,508 | 14,889 | 59,996 |
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| 1,06,523 | 1,97,112 | 90,589 | 3,71,119 |
| Less: Excise Duty | 2,765 | 5,709 | 2,994 | 10,822 |
| Net Turnover | 1,03,758 | 1,91,403 | 87,595 | 3,60,297 |
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| EBIT Margins |
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| 1) Petrochem (10.06%)* | 2,504 | 4,392 | 1,888 | 7,328 |
| 2) Refinery (3.26%)* | 3,174 | 6,125 | 2,951 | 12,788 |
| 3) Oil & Gas (24.32%)* | 356 | 708 | 352 | 2,887 |
| 4) Others | 42 | 126 | 84 | 255 |
| PBIT | 6,076 | 11,351 | 5,275 | 23,258 |
| Less: Interest Expenses | -805 | -1615 | -810 | -3,036 |
| Less: Other Unallocated Expenses | 49 | 618 | 569 | -183 |
| Add: Interest Income | 1551 | 3179 | 1628 | 6,245 |
| PBT | 6,871 | 13,533 | 6,662 | 26,284 |
| Less: Provision for Current Tax | -1,436 | -2,827 | -1,391 | -5,244 |
| Less: Provision for Def. Tax | 55 | 136 | 81 | -37 |
| Profit After Tax | 5,490 | 10,842 | 5,352 | 21,003 |
| EPS | 17.0 | 33.6 | 16.6 | 64.8 |
*Figures in brackets indicates % margin for Q2FY14.
Result Analysis:
- Both refining and petrochem have reported better-than-expected margins - petchem margin of 10% one of the best.
- In refining, company processed 4% higher crude in volume terms, which helped refining topline, in addition to depreciating rupee.
- Other Income (treasury gains) reducing a positive sign, as core business contributing higher to EPS.
- FY14 EPS estimated in range of Rs.68-69.
(more updates to follow)