Reliance Industries lost 2.14% to Rs 787.25 at 9:50 IST on BSE, with the stock sliding on profit booking after recent gains after net profit jumped 31.9% to Rs 5589 crore on 1.4% fall in turnover to Rs 86618 crore in Q4 March 2013 over Q4 March 2012.
The company announced Q4 results after market hours on Tuesday, 16 April 2013.
Meanwhile, the S&P BSE Sensex was down 3.80 points or 0.02% at 18,741.13.
On BSE, 2.17 lakh shares were traded in the counter as against average daily volume of 4.31 lakh shares in the past two weeks.
The stock hit a high of Rs 810 and a low of Rs 785.45 so far during the day.
The stock witnessed a pre-result rally. The stock had risen 4.32% in three trading sessions to settle at Rs 804.50 on Tuesday, 16 April 2013, from a recent low of Rs 771.15 on 11 April 2013.
Reliance Industries' (RIL) earnings remained flat in Q4 March 2013 on sequential basis. Net profit rose 1.58% to Rs 5589 crore on 10.31% decline in net sales to Rs 84198 crore in Q4 March 2013 over Q3 December 2012.
RIL's net profit rose 4.8% to Rs 21003 crore on 10.06% decline in turnover to Rs 86618 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
RIL's gross refining margin (GRM) edged up to $10.1 a barrel in Q4 March 2013 from $9.6 a barrel in Q3 December 2012 and $7.6 a barrel in Q4 March 2012. The GRM edged up to $9.2 a barrel in FY 2013 from $8.6 a barrel in FY 2012.
RIL said its retail business achieved cash breakeven with earnings before depreciation, finance cost and tax expense of Rs 78 crore in FY 2013. Turnover of the retail business jumped 42% to Rs 10800 crore in FY 2013 over FY 2012.
RIL is debt free on a net basis as at 31 March 2013.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries said, "Reliance has delivered another year of strong operating performance in an environment of continued volatile economic conditions. The growth in earnings was largely driven by strong and improved refining margins during the year. Production growth from our investments in unconventional liquids-rich resource plays in North America has reinforced our confidence in creating long term value for our shareholders from this diversification. We are delighted to see our retail business achieving a milestone of annual revenue crossing Rs 10000 crore and will further strengthen our position in this sector. We are working on projects that form the foundation of our aspirations to become one of the world's most competitive producers of petroleum and petrochemical products while developing consumer centric businesses in India".
RIL's board of directors at a meeting held on Tuesday, 16 April 2013, recommended payment of dividend of Rs 9 per share for FY 2013.
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 infotel. RIL is the largest polyester yarn and fibre producer in the world and among the top five to ten producers in the world in major petrochemical products.
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