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RIL acquires 25% stake in Balaji Telefilms for Rs. 413 cr

RIL acquires 25% stake in Balaji Telefilms for Rs. 413 cr

Oil-to-telecom major Reliance Industries' earnings surpassed analysts' expectations on Thursday as consolidated profit grew by 12.7 percent sequentially (up 28.3 percent YoY) to Rs 9,079 crore in Q1 FY18, driven by one-time gain and robust growth in petchem & refining businesses.

Finance cost during the quarter more than doubled to Rs 1,119 crore from Rs 556 crore on a sequential basis but declined 7.2 percent year-on-year. Revenue for the quarter rose 26.71% to Rs 905.37 billion, compared with Rs 714.51 billion for the prior year period.

The increase in revenue is primarily on account of increase in prices and volumes of refining and petrochemical products partially offset by lower prices and volumes from E&P business. The oil and gas business saw revenue fall 1.2% to ₹ 1,324 crore, with the division sustaining an operating loss (at EBIT level) of ₹373 crore.

Exports (including deemed exports) from India operations were higher by 11.5% at Rs 371.11 billion (USD 5.7 billion) as against Rs 332.82 billion in the corresponding period of the previous year.

Said Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited: " Jio has revolutionised the Indian telecom and data consumption landscape. According to a Motilal Oswal research report RIL was expected to report a decline in gross refining margin (GRM) in the April-June quarter.

Singapore GRM was flat at United States dollars 6.40 a barrel QoQ as lower cracks for light and middle distillates were offset by stronger fuel oil cracks and lower freight, it said. "Over the past 3-4 years, we made significant investments in new plants, thus creating organic growth platforms for our energy and materials businesses", Ambani said. "Full commissioning of the new PX facility...will strengthen the integration with our polyester chain, Ramp-up of ethane import projects has helped in diversifying feedstock resources and mitigating risks for our existing crackers at Dahej and Hazira".

The stake that RIL proposes to acquire, through a preferential issue, in Balaji Telefilms is just short of the threshold (25 percent) that would have triggered a mandatory open offer for further shares of the latter.

The company also said it planned to raise 200 billion rupees, through a rights issue, to make additional investments in its flagship 4G telecom services business, Jio.

Shares of Balaji fell 1.7% on Thursday to close at Rs 186.65 apiece.

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