Reliance Industries Q3 profit flat at Rs 5,511 cr
18 Jan 2014 6:01 AM IST
Profit rose 0.2 per cent to Rs 5,511 crore, or Rs 17.10 a share, in the October-December quarter from Rs 5,502 crore, or Rs 17 a share, a year earlier, RIL said in a statement.
The markets expected profit to range between Rs 5,310 and Rs 5,350 crore. Earnings were also higher than the Rs 5,490 crore posted in the second quarter. Sales rose 10.5 per cent to Rs 106,383 crore.
While natural gas production at its main Krishna Godavari field continued to slump and refining margins dropped, the company's income from other than its main operations rose 32 per cent to Rs 2,305 crore in October-December from Rs 1,740 crore a year earlier.
Reliance Industries Limited, which operates two adjacent refineries at Jamnagar in Gujarat, said it earned $7.6 on turning every barrel of crude oil into fuel compared with a gross refining margin of $9.6 per barrel in Q3 of the previous fiscal.
The margins were better than the Singapore average even though earnings before interest and taxes from the refining business was down 13.1 per cent as it processed less crude oil due to a maintenance shutdown at one of the plants.
Debt soared to Rs 81,330 crore at the end of third quarter from Rs 72,427 crore at the beginning of the financial year. At quarter end, it had a cash pile of Rs 88,705 crore, making the company debt-free on a net basis.
RIL Chairman and Managing Director Mukesh Ambani said the company has commissioned a new polyester facility in Silvassa, the first among the $12 billion worth of projects it had undertaken to expand in the core business of petrochemicals and oil and gas. Before the earnings announcement, Reliance Industries Limited shares dipped 0.07 per cent to Rs 884.55 at close on the Bombay Stock
Exchange (BSE).
ONGC may buy 26% stake in IOC’s Ennore LNG terminal
New Delhi: State-owned Oil and Natural Gas Corp (ONGC) is in talks to buy a 26 per cent stake in Indian Oil Corp's Rs 4,320 crore liquefied natural gas (LNG) import plant at Ennore in Tamil Nadu.
IOC is building a 5 million tonnes per annum (MTPA) LNG terminal at Ennore near Chennai which is to be completed by 2017.
'In our Perspective Plan 2030, we have set a target of non-E&P business contributing 30 per cent of the company's total revenues. Among the non-E&P business, we are betting big on entry into LNG business,' a top company official said.
Besides setting up a 2.5-5 MTPA LNG import terminal at Mangalore in Karnataka, ONGC is keen to get a foothold in IOC's upcoming plant on the east coast.
ONGC estimates an unmet demand of 21.5 million standard cubic meters per day (mmscmd) in the Ennore catchment area which will rise to 41.7 mmscmd in 10 years. Overall in the southern India, it sees an unmet demand of about 90 mmscmd.
'Power and fertiliser plants in and around Ennore need 12-14 mmscmd of gas which is equivalent to 2.5 million tonnes of LNG,' he said. By taking equity, ONGC wants right to bring in at least a quarter of the LNG at Ennore and market it. 'We held detailed discussions with IOC on stake in Ennore terminal in October last year and hope to conclude a deal shortly,' the official said.
ONGC has 12.5 per cent stake in Petronet LNG Ltd, the firm that owns and operates LNG import facilities at Dahej in Gujarat and Kochi in Kerala. But unlike other promoters like GAIL and IOC, ONGC does not have any rights to market the gas imported. The rush for LNG terminals is mainly due to projections of India's gas demand rising to 466 mmscmd in 2016-17 from 286 mmscmd currently. Domestic supply barely meets a third of demand.
IndianOil scrip up 6% on share sale nod to ONGC, OIL
Mumbai: The Indian Oil Corporation (IOC) scrip on Friday rose by nearly 6 per cent following the approval of a ministerial panel to sell 10 per cent government stake in the company to ONGC and OIL. IOC's shares ended 5.87 per cent higher at Rs 224.50 on the BSE. During the day, the stock surged 7.26 per cent to Rs 227.45. On the NSE, it settled 5.77 per cent up at Rs 224.50.
In the first disinvestment through block deal this fiscal, a ministerial panel on Thursday approved selling 10 per cent government stake in IOC to ONGC and OIL to rake in Rs 4,800-5,000 crore. An Empowered Group of Ministers headed by Finance Minister P Chidambaram decided to sell 10 per cent government stake in the company to ONGC and OIL.
The markets expected profit to range between Rs 5,310 and Rs 5,350 crore. Earnings were also higher than the Rs 5,490 crore posted in the second quarter. Sales rose 10.5 per cent to Rs 106,383 crore.
While natural gas production at its main Krishna Godavari field continued to slump and refining margins dropped, the company's income from other than its main operations rose 32 per cent to Rs 2,305 crore in October-December from Rs 1,740 crore a year earlier.
Reliance Industries Limited, which operates two adjacent refineries at Jamnagar in Gujarat, said it earned $7.6 on turning every barrel of crude oil into fuel compared with a gross refining margin of $9.6 per barrel in Q3 of the previous fiscal.
The margins were better than the Singapore average even though earnings before interest and taxes from the refining business was down 13.1 per cent as it processed less crude oil due to a maintenance shutdown at one of the plants.
Debt soared to Rs 81,330 crore at the end of third quarter from Rs 72,427 crore at the beginning of the financial year. At quarter end, it had a cash pile of Rs 88,705 crore, making the company debt-free on a net basis.
RIL Chairman and Managing Director Mukesh Ambani said the company has commissioned a new polyester facility in Silvassa, the first among the $12 billion worth of projects it had undertaken to expand in the core business of petrochemicals and oil and gas. Before the earnings announcement, Reliance Industries Limited shares dipped 0.07 per cent to Rs 884.55 at close on the Bombay Stock
Exchange (BSE).
ONGC may buy 26% stake in IOC’s Ennore LNG terminal
New Delhi: State-owned Oil and Natural Gas Corp (ONGC) is in talks to buy a 26 per cent stake in Indian Oil Corp's Rs 4,320 crore liquefied natural gas (LNG) import plant at Ennore in Tamil Nadu.
IOC is building a 5 million tonnes per annum (MTPA) LNG terminal at Ennore near Chennai which is to be completed by 2017.
'In our Perspective Plan 2030, we have set a target of non-E&P business contributing 30 per cent of the company's total revenues. Among the non-E&P business, we are betting big on entry into LNG business,' a top company official said.
Besides setting up a 2.5-5 MTPA LNG import terminal at Mangalore in Karnataka, ONGC is keen to get a foothold in IOC's upcoming plant on the east coast.
ONGC estimates an unmet demand of 21.5 million standard cubic meters per day (mmscmd) in the Ennore catchment area which will rise to 41.7 mmscmd in 10 years. Overall in the southern India, it sees an unmet demand of about 90 mmscmd.
'Power and fertiliser plants in and around Ennore need 12-14 mmscmd of gas which is equivalent to 2.5 million tonnes of LNG,' he said. By taking equity, ONGC wants right to bring in at least a quarter of the LNG at Ennore and market it. 'We held detailed discussions with IOC on stake in Ennore terminal in October last year and hope to conclude a deal shortly,' the official said.
ONGC has 12.5 per cent stake in Petronet LNG Ltd, the firm that owns and operates LNG import facilities at Dahej in Gujarat and Kochi in Kerala. But unlike other promoters like GAIL and IOC, ONGC does not have any rights to market the gas imported. The rush for LNG terminals is mainly due to projections of India's gas demand rising to 466 mmscmd in 2016-17 from 286 mmscmd currently. Domestic supply barely meets a third of demand.
IndianOil scrip up 6% on share sale nod to ONGC, OIL
Mumbai: The Indian Oil Corporation (IOC) scrip on Friday rose by nearly 6 per cent following the approval of a ministerial panel to sell 10 per cent government stake in the company to ONGC and OIL. IOC's shares ended 5.87 per cent higher at Rs 224.50 on the BSE. During the day, the stock surged 7.26 per cent to Rs 227.45. On the NSE, it settled 5.77 per cent up at Rs 224.50.
In the first disinvestment through block deal this fiscal, a ministerial panel on Thursday approved selling 10 per cent government stake in IOC to ONGC and OIL to rake in Rs 4,800-5,000 crore. An Empowered Group of Ministers headed by Finance Minister P Chidambaram decided to sell 10 per cent government stake in the company to ONGC and OIL.
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