Reliance: Rides high on the petro-cycle - Views on News from Equitymaster

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Reliance: Rides high on the petro-cycle

Jan 29, 2004

Reliance Industries Limited has posted robust results for 3QFY04. While the topline has shown a growth of 14%, net profits have risen at a faster rate of 27% YoY in 3QFY04. Operating profit margins improved by 120 basis points as compared to the corresponding period last year.

(Rs m) 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Net sales 109,730 125,000 13.9% 331,420 376,940 13.7%
Other income 2,700 2,230 -17.4% 6,750 6,610 -2.1%
Expenditure 88,310 99,120 12.2% 267,950 303,560 13.3%
Operating profit (EBDITA) 21,420 25,880 20.8% 63,470 73,380 15.6%
Operating profit margin (%) 19.5% 20.7%   19.2% 19.5%  
Interest 4,010 3,860 -3.7% 12,210 10,860 -11.1%
Depreciation 6,570 8,010 21.9% 19,600 22,790 16.3%
Profit before tax 13,540 16,240 19.9% 38,410 46,340 20.6%
Extraordinary items - - - - (1,070) -
Tax 2,710 2,500 -7.7% 8,380 7,860 -6.2%
Profit after tax/(loss) 10,830 13,740 26.9% 30,030 37,410 24.6%
Net profit margin (%) 9.9% 11.0%   9.1% 9.9%  
No. of shares (m) 1,396.0 1,396.0   1,396.0 1,396.0  
Diluted earnings per share (Rs)* 31.0 39.4   28.7 35.7  
P/E ratio (x)         16.0  
(* annualised)            

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