Reliance Industries lost 1.95% to Rs 905.15 at 9:17 IST on BSE after net profit rose 18.9% to Rs 5352 crore on 4.6% decline in revenue to Rs 90589 crore in Q1 June 2013 over Q1 June 2012.
The Q1 result was announced after market hours on Friday, 19 July 2013.
Meanwhile, the S&P BSE Sensex was down 25.01 points or 0.12% at 20,124.84.
On BSE, 22,000 shares were traded in the counter as against average daily volume of 4.60 lakh shares in the past one quarter.
The stock hit a high of Rs 915.25 and a low of Rs 900.10 so far during the day. The stock had hit a 52-week high of Rs 954.80 on 21 January 2013. The stock had hit a 52-week low of Rs 707.30 on 26 July 2012.
The stock had outperformed the market over the past one month till 19 July 2013, surging 11.08% compared with the Sensex's 4.7% rise. The scrip had also outperformed the market in past one quarter, jumping 18.08% as against Sensex's 5.96% rise.
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The large-cap company has equity capital of Rs 3229.55 crore. Face value per share is Rs 10.
Reliance Industries' (RIL) operating profit before other income and depreciation rose 3.9% to Rs 7075 crore in Q1 June 2013 over Q1 June 2012. Other income rose 33.14% to Rs 2535 crore in Q1 June 2013 over Q1 June 2012, mainly on account of profit on sale of investments in the fixed income instruments and higher average liquid investments. RIL's revenue from exports rose 3.2% to Rs 57026 crore in Q1 June 2013 over Q1 June 2012.
RIL's gross refining margin (GRM) edged up to $8.4 per barrel in Q1 June 2013 from $7.6 a barrel in Q1 June 2012. It fell from $10.1 a barrel in Q4 March 2013.
RIL's outstanding debt as on 30 June 2013 was Rs 80307 crore, as against Rs 72427 crore as on 31 March 2013. The company had cash and cash equivalents of Rs 93066 crore as on 30 June 2013. These were in bank deposits, mutual funds, CBLO, CDs and Government securities/bonds. RIL is debt free on a net basis as on 30 June 2013.
The net addition to fixed assets for Q1 June 2013 was Rs 10523 crore including exchange rate difference capitalisation. Capital expenditure (capex) was principally on account of ongoing expansion projects in the petrochemicals and refining businesses at Jamnagar, Dahej, Silvassa and Hazira, RIL said.
Commenting on the company's Q1 results, Mukesh D. Ambani, CMD, RIL said: "Reliance achieved strong results during the first quarter of FY 2013-14, while investing in projects that will provide sustainable advantage for a longer period. Our performance this quarter reflects higher operating rates and embedded options in crude sourcing and product placement, given the size and scale of the refining business. Robust growth in petrochemical products demand augurs well for our biggest ever expansion programme. Retail business continues to make remarkable progress and registered a 53% growth in revenues during the first quarter".
Production from RIL's KG-D6 field was 0.5 million barrels of crude oil, 0.06 million barrels of condensate and 49.2 BCF of natural gas in Q1 June 2013, a reduction of 41%, 58% and 53% respectively on a year on year (YoY) basis. RIL attributed the fall in production to geological complexity, natural decline in the fields and higher than envisaged water ingress.
RIL's shale gas business in the United States comprises of three upstream joint ventures (JVs), each with Chevron, Pioneer Natural Resources and Carrizo Oil & Gas and a midstream JV with Pioneer. Aggregate investments since inception of these JVs stood at around $6 billion, as of 30 June 2013, RIL said.
RIL said its retail business continued to grow in Q1 June 2013 despite challenging macroeconomic environment. A mix of strong same store sales growth and new store openings helped increase the turnover by 53% to Rs 3474 crore in Q1 June 2013 over Q1 June 2012, RIL said. The business continued with store expansion across all format sectors and added 45 stores to its portfolio in Q1 June 2013. The business witnessed strong same store sales growth ranging from 10% to 22% across format sectors during the quarter over corresponding period last year, RIL said.
RIL's subsidiary, Reliance Jio Infocomm (RJIL), which is the only private player with broadband wireless access spectrum in all the 22 telecom circles of India, plans to provide reliable fast internet connectivity and rich digital services on a pan India basis, RIL said.
RIL said it has retained its domestic credit ratings of AAA from CRISIL and FITCH and an investment grade rating for its international debt from Moody's as Baa2. S&P has raised the long term corporate credit rating to BBB+ from BBB.
RIL's activities span exploration and production of oil and gas, petroleum refining and marketing, petrochemicals (polyester, fibre intermediates, plastics and chemicals), textiles, retail and broadband.
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