Mon, Apr 24, 2017 | updated 12:49 PM IST

RIL Q1 beats estimates, profit up 4.4 pct

Updated: Jul 16, 2016 12:30 IST      
RIL Q1 beats estimates, profit up 4.4 pct

New Delhi, July 16 (ANI): Petrochemical major Reliance Industries posted first quarter earnings expectations on Friday with the highest ever standalone profit at Rs. 7,548 crore, growing 4.4 percent compared with preceding period.

The company's revenue on standalone basis increased seven percent to Rs. 53,496 crore during the quarter from Rs. 49,957 crore in the preceding period, aided by refining business.

"We maintained earnings growth trajectory in Q1. We continued to harness the power of our integrated energy and materials business portfolio," said Chairman and Managing Director Reliance Industries, Mukesh Dhirubhai Ambani.

The refining business delivered another record performance and achieved industry leading gross refining margin. Gross refining margin surged to USD 11.50 a barrel for the quarter ended June 2016 from USD 10.8 a barrel in March quarter.

However, the profit was estimated at Rs. 6,500 crore and gross refining margin at USD 9.8 a barrel for the quarter, according to average of estimates of analysts polled by CNBC-TV18.

The company said the benchmark Singapore complex margin averaged USD five a barrel in Q1FY17, declined compared to USD 7.7 a barrel in Q4FY16 on the back of weak light distillate cracks and sharp decline in fuel oil cracks.

However, middle distillate cracks remained firm with recovery in gasoil cracks. Operating profit (earnings before interest, tax, depreciation and amortization) rose by one percent quarter-on-quarter to Rs. 10,817 crore in Q1.

Refining income increased 21.4 percent sequentially to Rs. 48,946 crore with its earnings before interest and tax ( EBIT) showing 3.4 percent growth but margin declined 240 basis points. Revenue from its petrochemical business came in at Rs. 19,409 crore for the April-June quarter against Rs. 19,548 crore in January-March period.

Reliance's consolidated net profit increased 2.4 percent sequentially to Rs. 7,089 crore and revenue grew by 8.9 percent to Rs. 64,990 crore in the quarter gone by. Outstanding debt stood at Rs. 1,86,692 crore as of June compared to Rs. 180,388 crore as of March 2016, Reliance said, adding cash and cash equivalents were at Rs. 90,812 crore compared to Rs. 89,966 crore in same period. (ANI)

New Delhi [India], Apr 24 (ANI): Taxi aggregator Ola on Monday announced the launch of 'Ola Partners League' - a unique virtual cricket game for its driver partners.

Full Story >>

New Delhi [India], Apr 24 (ANI): International Management Institute (IMI) conducted its 33rd Annual Convocation Ceremony at IMI-New Delhi campus where it awarded 299 students of the premier Business School with diplomas.

Full Story >>

New Delhi [India], Apr 24 (ANI-BusinessWireIndia): L&T Technology Services Limited, a leading global pure play engineering services provider, announced the development of Smart City and Campus solutions that will be used to develop a smart office campus in Israel for a leading technology company - a result of its expanded partnership with Microsoft.

Full Story >>

New Delhi [India], Apr. 23 (ANI-BusinessWireIndia): We welcome the PMO's intervention on the National Medical Device Policy (NMDP). We are thankful that the Government has acknowledged the importance of FDI (Foreign Direct Investment) in this sector and is now further consolidating the gains it has already made in this regard post bringing the FDI on automatic route. We are also hopeful that before the finalisation of the NMDP, MedTech associations like Medical Technology Association of India (MTaI) are also consulted.

Full Story >>

Jakarta [Indonesia]/Bangkok [Thailand]/Singapore City [Singapore], April 22 (ANI): Japan's Shimizu Corporation has a history of over 200 years in building safe and reliable infrastructure, protecting these structures against natural disasters, and promoting the concept of environmental sustainability.

Full Story >>

New Delhi [India], Apr 22 (ANI): eShopbox an end to end ecommerce service provider has now on-boarded with Affiliate fulfillment program of all three major ecommerce players like Amazon, Flipkart and Snapdeal.

Full Story >>

New Delhi [India], Apr 22 (ANI-NewsVoir): Mindmine Summit, one of India's most influential ideas exchange platforms organized by the Mindmine Institute, an independent think tank set up by Hero Enterprise concluded its 11th edition in the national capital today.

Full Story >>

New Delhi [India], Apr 22 (ANI): The Indian Exhibitions, Conferences and Events Services Association (IESA), an apex organisation working towards the development of the exhibitions, conferences and events services sector in India, in collaboration with key industry bodies, government organisations including Department of Commerce, Ministry of Commerce & Industry, Government of India, Confederation of Indian Industry (CII), and Services Export Promotion Council (SEPC), organised the second edition of the India Expo Summit 2017 at the India Expo Centre and Mart, in Greater Noida, Uttar Pradesh.

Full Story >>

New Delhi [India], Apr 22 (ANI): Hotelbeds Group, a global bedbank and business-to-business provider of services to the travel industry on Friday announced plans for GTA to join its Bedbank business unit.

Full Story >>

New Delhi [India], April 21 (ANI-Businesswire India): Next week the United Nations Global Compact will bring together over 300 leaders from business, finance, civil society, Government and the UN in New Delhi for its flagship regional event Making Global Goals Local Business - India. Taking place on 26 - 27 April at the Le Meridien Hotel, the forum will focus on advancing responsible business practices and catalyzing innovative business models to meet the Sustainable Development Goals (SDGs) in India and across the world.

Full Story >>

Mumbai [India], April 21 (ANI-Businesswire India): The EDPMS (Export Data Processing and Monitoring System) which has been introduced by the Reserve Bank of India (RBI) to monitor payments against export bills requires all banks to report in this system details of the export proceeds realization pertaining to the shipping bills filed after February 28, 2014.

Full Story >>

Service charge not mandatory now: Centre

Updated: Apr 21, 2017 17:44 IST

New Delhi [India], April 21 (ANI): Approving the guidelines on service charge, the Centre on Friday announced that service charge is completely voluntary and not mandatory.

Full Story >>

New Delhi [India], Apr 21 (ANI): The Central Board of Direct Taxes on Friday announced the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana (PMGKY) open for declarations up to March 31.

Full Story >>

New Delhi [India], Apr 21 (ANI): India's first unified technology based platform for startups IvyCamp has announced their partnership with leading corporates to offer the startups on its platform, complimentary and discounted packages for solutions that include technology credits, marketing, accounting, communication, and productivity solutions.

Full Story >>

New Delhi [India], Apr 21 (ANI-NewsVoir): Van Heusen, India's fashion forward power dressing brand from Aditya Birla Fashion and Retail Limited forayed into the Rs. 7000 crore men's Innerwear and Athleisure market in September 2016.

Full Story >>

New Delhi [India], Apr 21 (ANI-NewsVoir): NH Studioz, an initiative of Narendra Hirawat and Co. has successfully bagged the distribution rights of upcoming Bollywood movie Half Girlfriend.

Full Story >>

New Delhi [India], Apr 21 (ANI): India's leading integrated mobility conglomerate Formula Group has launched Formula2Ride, an in-demand self-drive car rental service platform.

Full Story >>

New Delhi [India], Apr 21 (ANI): A division of United Technologies Corp., Pratt & Whitney has announced today the certification of its customer training center in Hyderabad by the Directorate General of Civil Aviation, which is the Indian civil aviation regulator.

Full Story >>

New Delhi [India], Apr 21 (ANI-BusinessWireIndia): Before the digital era began, home loan processing was very unpredictable. However, with digitization, a whole new world of instant credit and instant loans was formed.

Full Story >>

New Delhi [India], Apr 21 (ANI): India's leading mobile balance management app True Balance in its report has revealed that the amount of data re-charged in India has now skyrocketed over 1GB.

Full Story >>