Reliance Industries (RIL) after trading hours on Monday, 14 October 2013, said its net profit rose 1.5% to Rs 5490 crore on 14.2% growth in turnover to a record Rs 106523 crore in Q2 September 2013 over Q2 September 2012. Net profit rose 2.6% on 17.6% growth in turnover in Q2 September 2013 over Q1 June 2013.
RIL's gross refining margin (GRM) declined to $7.7 per barrel in Q2 September 2013, from $8.4 a barrel in Q1 June 2013 and $9.5 a barrel in Q2 September 2012. RIL said that the company's refining business performance during the quarter was positively impacted by increased crude throughput, stable middle distillate and naphtha cracks, and favourable exchange rate movement. This was partly offset by weak gasoline and solid products (pet-coke/sulphur) cracks, widening Brent-Dubai differential and lower domestic sales on weak demand.
The company said that its petrochemicals business performance during the quarter was positively impacted by higher volumes, stable demand, improved deltas for key polymers (PP/PE) and fibre intermediates (PX/MEG), and favourable exchange rate movement. Though polyester margins were weak, RIL benefited due to integrated chain economics.
RIL's outstanding debt as on 30 September 2013 was Rs 83982 crore, higher than Rs 72427 crore as on 31 March 2013. RIL had cash and cash equivalents of Rs 90540 crore as on 30 September 2013. These were in bank deposits, mutual funds, CDs and Government securities/bonds. RIL was debt free on a net basis as on 30 September 2013.
The net addition to fixed assets for the half year ended 30 September 2013 was Rs 20154 crore, including exchange rate difference capitalization. Capital expenditure was principally on account of ongoing expansions projects in the petrochemicals and refining business at Jamnagar, Dahej, Silvassa and Hazira, RIL said in a statement.
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Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries said: "RIL's first half performance reflects the resilience of our business model in a period of volatility and uncertainty. Our diversified and integrated petrochemicals business captured margins across segments - delivering near-record profit levels even as the domestic economy slowed. Optimal utilization of best-in-class refinery assets and inherent flexibility in sourcing, product delivery contributed to healthy operating profits from our refining business. Retail business continues to break new ground, growing 41% in 1H FY14. Reliance's ongoing counter-cyclical investments will strengthen our competitive position in each business segment".
HDFC Bank, TCS, Bajaj Finserv, Bajaj Finance, Development Credit Bank, Geojit BNP Paribas Financial Services, NIIT Tech and Sintex Industries, among others, will declare their July-September 2013 quarter results today, 15 October 2013.
Indian Oil Corporation (IOC) after market hours on Monday, 14 October 2013, announced that subsequent to the invitation of financial bid for disinvestment of 39.99% equity shares of Haldia Petrochemicals (HPL) held by West Bengal Industrial Development Corporation (WBIDC) and 100% preference shares of Haldia Petrochemicals held by WBIDC, West Bengal Industrial Infrastructure Development Corporation (WBIIDC) and West Bengal Industrial Development Finance Corporation (WBIDFC) being disinvested by the state government of West Bengal (GoWB), IOC has been announced by the GoWB, as the selected bidder, in line with the process laid in the request for proposal.
The acquisition of the stake is subject to certain existing shareholders' exercise of right of first refusal on the entire share sale, as per the existing Articles of Association of HPL and proceedings pending before courts; and exercise of tag along rights by certain existing shareholder. The consummation of the transaction, also, remains subject to execution of definitive agreements and obtaining of applicable regulatory approvals and certain third party consents, IOC said.
Fortis Healthcare (Fortis) said that its subsidiary, Fortis Healthcare International, has decided to sell its 100% stake in Altai Investments, the holding company for Hong Kong-based Quality Healthcare (QH), to Bupa for $355 million. The offer price is reflective of the value and efficiencies added through improved operations and the introduction of new and specialised medical centres, while QH has been a part of the Fortis group. The deal is expected to be completed in October 2013, Fortis said in a statement.
Shoppers Stop said that Credit Analysis & Research (CARE Ratings) has assigned CARE A (Single A) to the long term facilities and CARE A1 (A One) to the short term facilities of Rs 578.50 crore (enhanced from Rs. 461.50 crore). The company received CARE A1 (A One) rating for Commercial Paper Issue/ Short Term Debt Issue (Series I) aggregating to Rs 100 crore. It received CARE A1 (A One) rating for Commercial Paper Issue / Short Term Debt Issue (Series II) aggregating to Rs 40 crore. It also received CARE A (Single A) rating for Non-Convertible Debenture issue amounting to Rs 100 crore.
Further, another rating agency CRISIL has assigned "CRISIL A1" for Shoppers Stop's Rs. 50 crore commercial rating paper programme.
Speciality Restaurants said it has closed the "Machaan" restaurant located at Malad (West) in Mumbai. Accordingly, the total number of restaurants (including franchise restaurants) and confectionaries of the company are 86 and 14 respectively.
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