RIL posts lower-than-expected top-line performance for Q4, shares slip

Reliance-Industries-LtdReliance Industries Ltd (RIL) on Tuesday posted lower-than-expected top-line performance for the quarter ended March 31; but on the profitability front, the result was better-than-expected.

The Group's net revenues slipped 1.2 per cent to Rs 84,198 crore in the three months ended March 31 year-on-year, considerably lower than analysts' average projection of Rs 93,058 crore. Quarter-on-quarter, turnover slipped by nearly 10 per cent.

The decline was mainly because of lower oil & gas sales. The Jamnagar-based plant of the company remained closed for two weeks for maintenance.

However on the profitability front, RIL posted better-than-expected results. It claimed that its net profit jumped 31.9 per cent in the quarter year-on-year to Rs 5,589 crore, above analysts' average estimate of Rs 5,503 crore.

Mukesh Ambani, Chairman and Managing Director of RIL, said ina statement, "The growth in earnings was largely driven by strong and improved refining margins during the year."

At the end of March 31, the company's outstanding debt position stood at Rs 72,247 crore, while its cash and cash equivalents stood at Rs 82,975 crore.

RIL shares opened at Rs 806 apiece, and slipped to a low of Rs 789 apiece in early morning deals on the National stock Exchange (NSE). Till 0936 hours, a combined 1.18 million shares had changed hands on NSE and BSE.