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Reliance declares meteoric growth

Jul 20, 2000

RIL has reported a meteoric growth in topline of 72%. The impetus for growth has come from both volume as well as realisations. RIL has reported a volume growth of 38% and average realisation growth of 25%. RIL's exports have grown 7.5 times and contributed to 20% of its topline.

(Rs m) 1QFY00 1QFY01 Change
Sales 38,370 66,150 72.4%
Other Income 1,500 780 -48.0%
Expenditure 30,870 54,580 76.8%
Operating Profit (EBDIT) 7,500 11,570 54.3%
Operating Profit Margin (%) 19.5% 17.5%
Interest 1,830 2,980 62.8%
Depreciation 2,070 3,250 57.0%
Profit before Tax 5,100 6,120 20.0%
Tax - -
Profit after Tax/(Loss) 5,100 6,120 20.0%
Net profit margin (%) 13.3% 9.3%
No. of Shares (eoy) 934 1,054
Diluted Earnings per share* 19.4 23.2
*(annualised)

The operating profit has shown a very healthy growth. However, OPM has declind by 2% points. The decline in OPM is largely due to feedstock prices, crude oil, which have increased by over 30% in this period.

Reliance has reiterated its intention of focusing on new growth areas. It new initiative include power, telecom and infocom. It is also planning on consolidating the balace sheet of Reliance Petroleum (RPL) and Bombay Surburban Electricity Supply (BSES). This should further boost the bottomline of RIL.

Historically, RIL has traded at a three year average P/E multiple of 12.8. Currently, it is trading at a multiple of 15 to 1QFY01 annualised earnings.

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