Mukesh Ambani led Reliance Industries (RIL), India`s largest company by market value, reported a rise of 28.14% in the net profit for the quarter ended December 2010. During the quarter, the profit of the company rose to Rs 51.36 billion from Rs 40.08 billion in the same quarter previous year.
Net turnover for the quarter rose 5.16% to Rs 597.89 billion, while total income for the quarter rose 5.52% to Rs 605.30 billion, when compared with the prior year period.
Angel Broking had expected the revenue growth of 20.2% y-o-y to Rs 683.47 billion during the quarter and PAT growth of 38.1% y-o-y to Rs 55.35 billion.
During the quarter, the gross refining margin rose to USD 9 a barrel compared with USD 5.90 a barrel in the same quarter last year. It was at USD 7.90 billion for the quarter ended September 2010.
The company said, "GRM premium over Singapore complex margin widened primarily due to efficient global sourcing of crude and higher light-heavy differential".
Commenting on the results, Mukesh Ambani, Chairman and Managing Director, Reliance Industries said, "Reliance had another record quarter as both refining and petrochemical margins continued to improve and for certain products recorded historic levels. Robust demand growth in home markets and highly competitive assets enabled Reliance to have industry leading operating rates and margins".
The stock had underperformed the market over the past one month till Jan. 20, 2011, falling 8.29% compared with the Sensex`s 4.24% decline. It underperformed the market in past one quarter, declining 7.53% as against 4.15% fall in the Sensex.
Shares of the company gained Rs 16.75, or 1.73%, to settle at Rs 986.50 on 21.01.2011. The total volume of shares traded was 807,928 at the BSE (Friday).
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