Net profit of Reliance Industries (RIL) declined 13.55% to Rs 4440 crore on 42.39% rise in net sales to Rs 85135 crore in Q3 December 2011 over Q3 December 2010. The companys gross refining margin (GRM) declined to $6.8 per barrel in Q3 December 2011 primarily due to weaker product cracks, impact of higher crude costs and reduced Arab light-heavy differentials. The company reported a GRM of $9 per barrel in Q3 December 2010.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries, said, The global nature of our businesses and weakness in economic conditions resulted in reduced earnings in the quarter, particularly in our refining and petrochemicals businesses. Notwithstanding these challenges, Reliance has delivered reasonably robust results with high operating leverage. Our focus remains on enhancing shareholder value by leveraging an exceptionally strong balance sheet, operating top decile assets and investing prudently in future growth engines.
Higher crude prices resulted in consumption of raw materials increasing by 50.6% to Rs 203,294 crore on a year-on-year basis. Other expenditure increased by 13% from Rs 11594 crore to Rs 13106 crore due to higher power & fuel expenses and exchange differences.
Outstanding debt as on 31 December 2011 was Rs 74503 crore compared to Rs 67397 crore as on 31 March 2011. The company is debt free on a net basis as compared with gearing of 13.5% as on 31st March 2011. RIL had cash and cash equivalents of Rs 74,539 crore. These were primarily in fixed deposits, certificate of deposits with banks, mutual funds and Government securities / bonds.
RILs board also approved the buyback of up to 12 crore fully paid-up equity shares of Rs 10 each, at a price not exceeding Rs 870 an equity share, payable in cash, up to an aggregate amount not exceeding Rs 10440 crore, from the open market. The maximum buyback price represents a nearly 10% premium over the last closing price of Rs 792.65 on 20 January 2012.
L&T, Maruti Suzuki India, Sterlite Industries (India), Idea Cellular, GAIL (India) and Kotak Mahindra Bank unveil Q3 results today, 23 January 2012.
Federal Bank, Geometric, Lakshmi Machine Works, Shree Cement, Torrent Pharmaceuticals, Vardhman Textiles, Colgate-Palmolive (India), Coromandel International, Electrosteel Castings, among others, will also declare their October-December 2011 quarter results today, 23 January 2012.
On a consolidated basis, net profit of Godrej Consumer Products rose 40.6% to Rs 167.10 crore on 35.9% rise in net sales to Rs 1344.06 crore in the quarter ended December 2011 over the quarter ended December 2010.
Godrej Consumer Products said Singapores Temasek will invest Rs 685 crore in the company. Godrej Consumer Products said it will issue 1.67 crore shares to Temaseks indirectly owned unit Baytree Investments (Mauritius) at Rs 409 per share on preferential basis. The investment is subject to conditions including the signing of a share subscription agreement and shareholders approval, it said.
Separately, Godrej Consumer Products said it will acquire a 60% stake in Chile-based hair colour and cosmetics company Cosmetica Nacional for an undisclosed sum. Cosmetica Nacional has more than a 30% market share in Chile and had annual sales of about $36 million in 2011, Godrej said.
Net profit of UltraTech Cement rose 93.40% to Rs 616.86 crore on 23.06% rise in net sales to Rs 4571.87 crore in the quarter ended December 2011 over the quarter ended December 2010. UltraTech Cement said the quarter witnessed improved demand growth of around 10% on account of a lower base effect in the corresponding period of the previous year. The sector capacity utilisation during the quarter improved to 73% as compared to 68% in the preceding quarter. Although post-monsoon, the pricing scenario indicated some improvement, the uncertain price scenario is expected to continue, UltraTech Cement said in a statement.
Variable cost rose by 16%, mainly on account of increase in energy cost. This is attributable to the 30% rise in the price of domestic coal by Coal India during Q4 March 2011, continuous spike in prices of imported coal as also the rupee devaluation by approximately 14%. Energy cost is expected to escalate with the change in pricing mechanism from Useful Heat Value (UHV) to Gross Calorific Value (GCV) implemented by Coal India with effect from 1 January 2012. This will put pressure on the companys margins, UltraTech Cement said.
The company has a capital outlay of over Rs 11000 crores to be spent on various projects. These include, among others -- clinkerisation plants through brownfield expansion at Chhattisgarh and Karnataka together with additional grinding units, installing waste-heat recovery systems, instituting bulk packaging terminals, and setting up of readymix concrete plants. The progress on expansion of capacity at Chhattisgarh and Karnataka are almost in line with the schedule. These are expected to be operational by Q1 FY 2014, and will augment the companys cement capacity by 9.2 mtpa bringing it to a total of 59 mtpa. The expansion projects are being funded through a judicious mix of internal accruals and borrowings, UltraTech Cement said.
With regard to future outlook, UltraTech Cement said cement demand is likely to grow around 8% per annum. However, the surplus scenario is likely to continue over the next three years, the company said in a statement. At the same time, growing input costs will result in a squeeze in margins, the company added.
Net profit of United Spirits declined 63.79% to Rs 47.06 crore on 0.31% decline in net sales to Rs 1953.94 crore in the quarter ended December 2011 over the quarter ended December 2010.
On a consolidated basis, net profit of Asian Paints rose 16.6% to Rs 256.86 crore on 22% rise in net sales to Rs 2560.53 crore in the quarter ended December 2011 over the quarter ended December 2010.
On a consolidated basis, net profit of Zee Entertainment Enterprises fell 12.9% to Rs 139.33 crore on 8.5% decline in net sales to Rs 754.83 crore in the quarter ended December 2011 over the quarter ended December 2010.
On a consolidated basis, JSW Energy reported a net loss of Rs 82.67 crore in the quarter ended December 2011 as against a net profit of Rs 152.84 crore in the quarter ended December 2010. Net sales rose 63.8% to Rs 1751.35 crore in the quarter ended December 2011 over the quarter ended December 2010.
On a consolidated basis, net profit of Mahindra & Mahindra Financial Services rose 28.2% to Rs 159.32 crore on 42.1% rise in net sales to Rs 767.34 crore in the quarter ended December 2011 over the quarter ended December 2010.
On a consolidated basis, net profit of Torrent Power rose 7.7% to Rs 212.76 crore on 26.3% rise in net sales to Rs 1859.71 crore in the quarter ended December 2011 over the quarter ended December 2010.
Jet Airways (India) reported net loss of Rs 101.22 crore in the quarter ended December 2011 as against net profit of Rs 118.23 crore during the previous quarter ended December 2010. Sales rose 13.33% to Rs 3696.26 crore in the quarter ended December 2011 as against Rs 3261.56 crore during the previous quarter ended December 2010.
Tata Metaliks reported net loss of Rs 34.85 crore in the quarter ended December 2011 as against net profit of Rs 1.91 crore during the previous quarter ended December 2010. Sales declined 11.90% to Rs 274.39 crore in the quarter ended December 2011 as against Rs 311.45 crore during the previous quarter ended December 2010.
Net profit of Bharat Bijlee declined 44.08% to Rs 7.93 crore in the quarter ended December 2011 as against Rs 14.18 crore during the previous quarter ended December 2010. Sales declined 5.21% to Rs 196.34 crore in the quarter ended December 2011 as against Rs 207.13 crore during the previous quarter ended December 2010.
Net profit of Wendt India declined 19.68% to Rs 3.55 crore in the quarter ended December 2011 as against Rs 4.42 crore during the previous quarter ended December 2010. Sales rose 5.61% to Rs 23.73 crore in the quarter ended December 2011 as against Rs 22.47 crore during the previous quarter ended December 2010.
Net profit of Rallis India declined 66.96% to Rs 11.13 crore in the quarter ended December 2011 as against Rs 33.69 crore during the previous quarter ended December 2010. Sales rose 12.95% to Rs 302.76 crore in the quarter ended December 2011 as against Rs 268.05 crore during the previous quarter ended December 2010.
Net profit of Mahindra Forgings rose 1042.11% to Rs 2.17 crore in the quarter ended December 2011 as against Rs 0.19 crore during the previous quarter ended December 2010. Sales rose 20.59% to Rs 109.70 crore in the quarter ended December 2011 as against Rs 90.97 crore during the previous quarter ended December 2010.
Sabero Organics Gujarat reported net loss of Rs 19.12 crore in the quarter ended December 2011 as against net profit of Rs 1.03 crore during the previous quarter ended December 2010. Sales declined 1.31% to Rs 91.65 crore in the quarter ended December 2011 as against Rs 92.87 crore during the previous quarter ended December 2010.
Net profit of Oberoi Realty declined 55.98% to Rs 47.95 crore in the quarter ended December 2011 as against Rs 108.93 crore during the previous quarter ended December 2010. Sales declined 61.19% to Rs 95.47 crore in the quarter ended December 2011 as against Rs 246.00 crore during the previous quarter ended December 2010.
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