Reliance Industries Ltd's Q1FY20 consolidated net profit rises 6.8% yoy to Rs10,104cr: Beats Estimates

The company’s consolidated revenue stood at Rs1,56,976cr, up 21.9% yoy and 13.2% qoq.

July 19, 2019 6:37 IST | India Infoline Research Team

Reliance Industries Ltd Q1FY20

Consolidated Results Q1FY20: (Rs. in cr)

Q1FY20 YoY (%)
Revenue 1,56,976 21.9
EBITDA 21,315 3.2
EBITDA Margin (%) 13.6 [247]
Net Profit (adjusted) 10,104 6.8
***EBITDA margin change is bps
Reliance Industries reported a good set of numbers for Q1FY20. The consolidated revenue grew by 21.9% yoy and 13.2% qoq to Rs1,56,976cr against median consensus estimates of Rs1,47,335cr. EBITDA came in Rs21,315cr, up 3.2% yoy and 2.3% qoq against median estimate of Rs19,971cr. EBITDA margin contracted by 247bps yoy and 145bps qoq to 13.6%, which is in-line with the estimates. PAT grew by 6.8% yoy but declined by 2.5% qoq to Rs10,104cr against median consensus estimates of Rs9,520cr.
  • Revenue growth was on the back of 6.4% yoy and 15.8% qoq growth in refining revenues on higher throughput. GRM for Q1FY20 stood at USD8.1/bbl, outperforming Singapore complex margins by USD4.6/bbl. Lower product cracks on yoy basis resulted in EBIT margin contracting by ~120bps on yoy basis to 4.4%.
  • Refinery throughput was higher by 5.4%  yoy and 9.4% qoq to 17.5MMT.
  • As expected, Petchem revenue declined by 6.6% yoy and 11.3% qoq. This was due to decrease in volumes and price realizations primarily in Paraxylene (PX) and Monoethylene Glycol (MEG), which was partially offset by increase in volumes of Polyesters.
  • Petchem production was down by 5.4% yoy and 7.4% qoq.
  • Oil & Gas segment decreased by 35.5% yoy. Domestic production was lower at 11.6 BCFe, down 35% yoy and production in US Shale operations also declined by 34% to 18.9 BCFe.
  • Retail revenue continues to grow at healthy pace, up 47.5% yoy and 4.2% qoq. EBITDA grew by 69.9% yoy and 6.6% qoq to Rs2,049cr. Margins expanded by 71bps yoy and 12bps qoq to 5.4%.
  • Area operated grew by 23.7% yoy and 4.5% qoq to 23mn sq ft. Rapid store expansion particularly in Tier 3/ Tier 4 markets, stronger value proposition and catchment focused assortment have been key drivers for robust growth in retail business.
  • Digital/Jio revenues were up 54.5% yoy and 9.6% qoq. Segmental EBITDA grew by 8.2% qoq to Rs4,686cr. EBITDA margin came in at 40.1%. Subscriber base as on June 30, 2019 was 331.3mn. ARPU during the quarter was Rs122 per subscriber per month.
  • RIIHL, W.O. Subsidiary, has entered into an agreement with Brookfield Infrastructure Partners L.P. and its affiliates for an investment of Rs25,215cr into Tower InvIT.

Technical View:

Reliance Industries Ltd is currently trading at Rs. 1,248.30, down by 13.5 points or 1.07% from its previous closing of Rs. 1,261.80 on the BSE.
The scrip opened at Rs. 1,268.25 and has touched a high and low of Rs. 1,271 and Rs. 1,243 respectively. So far 72,48,225 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 100 DMA.

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