Reliance Industries declares Q4 results, net profit up 24 percent
India's top listed Reliance Industries Ltd (RIL) posted strong fiscal results, Monday, saying its quarterly profit rose by nearly 25 percent and forecast high future earnings on natural gas sales.
Boosted by strong refining margins, RIL said it net profit for the quarter ended March 31, 2008, rose to Rs.3912 crore ($978 million), from Rs.3156 crore ($789 million) a year earlier, a year-on-year (YoY) growth of 23.95 percent.
While net profit or profit after tax (PAT) (including exceptional item) for the full year rose 63 percent to Rs.19,458 crore ($4.86 billion) as against Rs.11,943 crore ($2.98 billion), turnover for the year rose 18 percent to Rs.1,39,269 crore ($34.81 billion). Increase in revenue was due to 12 percent increase in prices and a 6 percent growth in volumes, the company said in a statement.
Revenue for the fourth quarter rose to Rs.38,697 crore ($9.67 billion) from Rs.29,276 crore ($7.32 billion), a YoY growth of 32.18 percent, the refiner said in a regulatory filing.
Earning per share (EPS) for the fiscal year 2008 was Rs.105 against Rs.82.2 for the previous year, a YoY growth of 27.73 percent.
The company has announced a dividend payout of 130 percent or a total of Rs.1860 crore (Rs.13 per share on par value of Rs.10 per share).
"This was a landmark year for Reliance as we delivered record financial and operating performance in challenging and volatile market conditions," Mukesh Ambani, chairman, RIL, said in a statement.
"Our key investments in oil and gas development and refining are expected to commission this year. I expect them to be key drivers to deliver earnings growth in the near future," he said.
The refining margin of Reliance at $ 15 for fiscal year 2008 is more than double the benchmark Asian Dubai (Singapore) crack margin which was about $7.6 a barrel.
This is because the company's 660,000 barrel-per-day (bpd) refinery in the western Indian state of Gujarat can process cheaper, high-sulphur crude oil, bolstering its margins.
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