RELIANCE INDUSTRIES LIMITED = FY 2011 RESULTS
Reliance Industries Limited (RIL) today reported its financial performance for the quarter / year ended 31st March, 2011. Highlights of the audited financial results as compared to the previous year are:
FINANCIAL PERFORMANCE REVIEW AND ANALYSIS
Turnover achieved for the year ended 31st March 2011 was Rs.258,651 crore ($ 58.0 billion), an increase of 29% over previous year.
Increase in volume accounted for 11% growth in revenue and higher prices accounted for 18% growth in revenue.
Exports were higher by 33% at Rs.146,667 crore ($ 32.9 billion) as against Rs.110,176 crore ($ 24.5 billion) in the previous year.
Consumption of raw materials increased by 31% to Rs.193,234 crore mainly on account of higher crude oil prices as well as higher volume of crude oil processed in the SEZ refinery.
Purchases for traded goods decreased from Rs.2,996 crore to Rs.1,464 crore.
Staff costs were at Rs.2,624 crore for the year as against Rs.2,350 crore reflecting increased benefits to personnel.
Other expenditure increased by 27% from Rs.12,563 crore to Rs. 15,965 crore due to lower capitalization of pre-operative expenditure, higher selling expenses on additional volumes primarily from SEZ refinery, royalty on higher oil & gas production and higher shutdown expenses in refining and petrochemicals.
Operating profit increased by 25% from Rs.30,581 crore to Rs.38,126 crore.
Net operating margin was marginally lower at 15.4% as compared to 15.9% in the previous year.
Other income was higher by 24% at Rs.3,052 crore as against Rs.2,460 crore as compared to the previous year primarily due to higher average cash balances.
Depreciation was higher by 30% at Rs.13,608 crore against Rs.10,497 crore in the previous year primarily on account of higher depletion charge in the Oil & Gas business and incremental depreciation due to the SEZ refinery.
Interest cost was higher at Rs.2,328 crore as against Rs.1,997 crore in the previous year due to lower capitalization of interest charges.
Profit after tax was 25% higher at Rs.20,286 crore as against Rs.16,236 crore for previous year.
Basic Earnings per Share (EPS) for the year ended 31st March 2011 was Rs.62.0 against Rs.49.7 for previous year.
Outstanding debt as on 31st March 2011 was Rs.67,397 crore compared to Rs.62,495 crore as on 31st March 2010. Net gearing as on 31st March 2011 was 13.3% as against 22.0% as on 31st March 2010.
RIL had cash and cash equivalents of Rs.42,393 crore. These were mainly in fixed deposits, certificate of deposits with banks, mutual funds and Government securities / bonds. RIL’s net debt was equivalent to 0.60 times annualized PBDIT for the year ended 31st March 2011.
The net capital expenditure for the year ended 31st March 2011 was Rs.6,068 crore.
Other critical aspects of performance will be covered in a separate Post on RIL Results Review
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