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Reliance: Nothing to complain… - Views on News from Equitymaster
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Reliance: Nothing to complain…
Oct 28, 2005

Reliance industries announced its September quarter results. The company reported an enticing bottomline growth, backed by a decent growth in topline. Lower financial and depreciation charges clubbed with lower tax outgo resulted in the bottomline outpacing the topline during the quarter. However, margin pressure was witnessed during the quarter, which contracted by 170 basis points, due to higher other expenditure.

Financial performance
(Rs m) 2QFY05 2QFY06 Change 1HFY05 1HFY06 Change
Sales 161,640 207,170 28.2% 304,440 385,010 26.5%
Expenditure 129,940 170,050 30.9% 244,690 312,230 27.6%
Operating profit (EBDITA) 31,700 37,120 17.1% 59,750 72,780 21.8%
Operating profit margin (%) 19.6% 17.9%   19.6% 18.9%  
Other income 2,960 2,220 -25.0% 6,430 4,160 -35.3%
Interest 4,340 2,220 -48.8% 9,020 4,590 -49.1%
Depreciation 9,140 8,040 -12.0% 18,300 15,950 -12.8%
Profit before tax 21,180 29,080 37.3% 38,860 56,400 45.1%
Extraordinary income/(expense) - -   - -  
Tax 3,660 4,270 16.7% 6,970 8,490 21.8%
Profit after tax/(loss) 17,520 24,810 41.6% 31,890 47,910 50.2%
Net profit margin (%) 10.8% 12.0%   10.5% 12.4%  
Effective tax rate (%) 17.3% 14.7%        
No. of shares 1,396.4 1,393.4   1,396.4 1,393.4  
Diluted earnings per share* (Rs) 50.3 71.2   45.8 68.8  
P/E ratio (x)         10.9  
(* annualised)            

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