Reliance Industries Limited (RIL) today reported its financial performance for the quarter / half year ended 30th September, 2014. Highlights of the un-audited financial results as
compared to the previous year are:
Revenue (turnover) decreased by 4.3 % to ` 113,396 crore ($ 18.4 billion)
• PBDIT increased by 5.6 % to ` 11,879 crore ($ 1.9 billion)
• Profit Before Tax increased by 4.9 % to ` 7,858 crore ($ 1.3 billion)
• Cash Profit increased by 4.9 % to ` 9,250 crore ($ 1.5 billion)
• Net Profit increased by 1.7 % to ` 5,972 crore ($ 967 million)
Reliance Industries Limited (RIL) today reported its financial performance for the quarter / half year ended 30th September, 2014. Highlights of the un-audited financial results as
compared to the previous year are:
Revenue (turnover) decreased by 4.3 % to ` 113,396 crore ($ 18.4 billion)
• PBDIT increased by 5.6 % to ` 11,879 crore ($ 1.9 billion)
• Profit Before Tax increased by 4.9 % to ` 7,858 crore ($ 1.3 billion)
• Cash Profit increased by 4.9 % to ` 9,250 crore ($ 1.5 billion)
• Net Profit increased by 1.7 % to ` 5,972 crore ($ 967 million)
Reliance Industries Limited (RIL) today reported its financial performance for the quarter / half year ended 30th September, 2014. Highlights of the un-audited financial results as
compared to the previous year are:
Revenue (turnover) decreased by 4.3 % to ` 113,396 crore ($ 18.4 billion)
• PBDIT increased by 5.6 % to ` 11,879 crore ($ 1.9 billion)
• Profit Before Tax increased by 4.9 % to ` 7,858 crore ($ 1.3 billion)
• Cash Profit increased by 4.9 % to ` 9,250 crore ($ 1.5 billion)
• Net Profit increased by 1.7 % to ` 5,972 crore ($ 967 million)
Reliance Industries Limited (RIL) today reported its financial performance for the quarter / half year ended 30th September, 2014. Highlights of the un-audited financial results as
compared to the previous year are:
Revenue (turnover) decreased by 4.3 % to ` 113,396 crore ($ 18.4 billion)
• PBDIT increased by 5.6 % to ` 11,879 crore ($ 1.9 billion)
• Profit Before Tax increased by 4.9 % to ` 7,858 crore ($ 1.3 billion)
• Cash Profit increased by 4.9 % to ` 9,250 crore ($ 1.5 billion)
• Net Profit increased by 1.7 % to ` 5,972 crore ($ 967 million)
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Page 1 of 27
Mumbai, 13 th October 2014
RECORD HALF YEARLY CONSOLIDATED REVENUE OF ` 221,301 CRORE ($ 35.8 BILLION), UP 1.0% HALF YEARLY CONSOLIDATED PBDIT OF ` 22,895 CRORE ($ 3.7 BILLION), UP 6.4% HALF YEARLY CONSOLIDATED SEGMENT EBIT OF ` 14,310 CRORE ($ 2.3 BILLION), UP 17.8% RECORD HALF YEARLY CONSOLIDATED NET PROFIT OF ` 11,929 CRORE ($ 1.9 BILLION), UP 7.4% RECORD QUARTERLY CONSOLIDATED NET PROFIT OF ` 5,972 CRORE ($ 967 MILLION), UP 1.7%
Reliance Industries Limited (RIL) today reported its financial performance for the quarter / half year ended 30 th September, 2014. Highlights of the un-audited financial results as compared to the previous year are:
HIGHLIGHTS OF QUARTERS PERFORMANCE (CONSOLIDATED) Revenue (turnover) decreased by 4.3 % to ` 113,396 crore ($ 18.4 billion) PBDIT increased by 5.6 % to ` 11,879 crore ($ 1.9 billion) Profit Before Tax increased by 4.9 % to ` 7,858 crore ($ 1.3 billion) Cash Profit increased by 4.9 % to ` 9,250 crore ($ 1.5 billion) Net Profit increased by 1.7 % to ` 5,972 crore ($ 967 million)
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CORPORATE HIGHLIGHTS FOR THE QUARTER (2Q FY15)
In August 2014, Reliance Haryana SEZ Limited (RHSL) has returned 1383.68 acres of land in Gurgaon acquired from HSIIDC for setting up SEZs due to revision of strategic priorities. RHSL is a joint venture between Reliance Ventures Limited (RVL), RILs wholly-owned subsidiary, and Government of Haryana through HSIIDC. The J V was established for development of SEZs / Model Economic Township (MET) project and other infrastructure facilities in Haryana. HSIIDC has also exited the J V and the project. In May 2014, The Board of Reliance Industries Limited ( RIL) approved funding of up to ` 4,000 crore to Independent Media Trust (IMT), of which RIL is the sole beneficiary, for acquisition of control in Network 18 Media & Investments Limited (NW18) including its subsidiary TV18 Broadcast Limited (TV18). In J uly 2014, RIL has completed the acquisition of control of Network 18 Media and Investments Limited (NW18) including its subsidiary TV18 Broadcast Limited (TV18). In September 2014, Reliance J io Infocomm Limited (RJ IL), a subsidiary of RIL has signed a US$ 750 Million loan backed by Korea Exim Bank on 24 September 2014. The loan is guaranteed by RIL and will be primarily used to finance goods and services procured from Samsung Electronics for the infrastructure rollout of RJ IL. In September 2014, RJ IL, a subsidiary of RIL, and GTL Infrastructure Limited (GTL Infra), a Global Group enterprise, announced the signing of a Master Services Agreement (MSA) for tower infrastructure sharing. In addition, in September 2014, RJ IL and Indus Towers, the worlds largest and Indias leading provider of telecom tower infrastructure, announced the signing of a Master Services Agreement (MSA) for tower infrastructure sharing. Under the agreement, Reliance J io would utilize the telecom tower infrastructure services being provided by Indus Towers to launch its services across the country.
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Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: RILs financial performance for the period stands testimony to the intrinsic strength of our integrated business operations. The refining and petrochemical businesses, once again, delivered robust results, outperforming regional industry benchmarks. Renewed optimism in the domestic economy augurs well for business and consumer confidence particularly against the backdrop of continuing concerns on global economic growth. We expect to create significant value for our stakeholders over the next 12-18 months as we complete our large investment programme across energy and consumer businesses. These projects will propel the next phase of growth for India and Reliance.
FINANCIAL PERFORMANCE REVIEW AND ANALYSIS (CONSOLIDATED) RIL achieved a turnover of ` 113,396 crore ($ 18.4 billion) for the quarter ended 30 th September 2014, decrease of 4.3 %, as compared to ` 118,439 crore in the corresponding period of the previous year. Lower crude prices and volumes mainly in the refining and oil & gas business accounted for decrease in revenue. Exports from India were lower by 14.7% at ` 66,065 crore ($ 10.7 billion) as against ` 77,428 crore in the corresponding period of the previous year.
Cost of raw materials was lower by 12.9% from ` 93,933 crore to ` 81,815 crore ($ 13.2 billion) on Y-o-Y basis mainly on weaker crude oil prices, lower crude processed in refinery and lower blending and trading activity in USA during 2Q FY15.
Employee costs were at ` 1,575 crore ($ 255 million) as against ` 1,409 crore in corresponding period of the previous year.
Other expenditure increased by 19.8% on a Y-o-Y basis from ` 8,063 crore to ` 9,660 crore ($ 1.6 billion) primarily due to higher expenses on account of power and fuel. Consolidation of Network 18 Media & Investments Limited from this quarter has also impacted Y-o-Y comparisons. The increase of power and fuel is on account of lower usage of internal fuels which were utilized for value optimization.
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Operating profit before other income and depreciation increased by 10.8 % on a Y-o-Y basis from ` 8,865 crore to ` 9,818 crore ($ 1.6 billion) due to higher contribution from refinery, petrochemicals and oil and gas business.
Other income was lower at ` 2,009 crore ($ 325 million) as against ` 2,346 crore in corresponding period of the previous year, primarily on account of lower investible surplus.
Depreciation (including depletion and amortization) was higher by 8.2% to ` 3,024 crore ($ 490 million) as compared to ` 2,796 crore in corresponding period of the previous year.
Interest cost was at ` 997 crore ($ 161 million) as against ` 959 crore in corresponding period of the previous year.
Profit after tax was higher by 1.7% at ` 5,972 crore ($ 967 million) as against ` 5,873 crore in the corresponding period of the previous year.
Basic earnings per share (EPS) for the quarter ended 30 th September 2014 was ` 20.3 as against ` 20.0 in the corresponding period of the previous year.
Outstanding debt as on 30 th September 2014 was ` 142,084 crore ($ 23.0 billion) compared to ` 138,761 crore as on 31 st March 2014.
Cash and cash equivalents as on 30 th September 2014 were at ` 83,456 crore ($ 13.5 billion). These were in bank deposits, mutual funds, CDs and Government securities / bonds.
The net addition to fixed assets for the half year ended 30 th September 2014 was ` 44,895 crore ($ 7.3 billion) including exchange rate difference capitalization. Capital expenditure was principally on account of ongoing expansions projects in the petrochemicals and refining business at J amnagar, Dahej and Hazira, Broad band Access and US Shale gas projects.
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RIL retained its domestic credit ratings of AAA from CRISIL and FITCH and an investment grade rating for its international debt from Moodys as Baa2 and BBB+from S&P. S&P recently revised its outlook to Stable from Negative.
2Q FY15 revenue from the Refining and Marketing segment decreased by 5.9% Y-o-Y to ` 103,590 crore ($ 16.8 billion) due to softness in crude oil prices and lower crude processing. RILs gross refining margins (GRM) for the quarter stood at $ 8.3/bbl as against $ 7.7/bbl in the corresponding period of the previous year. RILs premium over regional benchmark widened to $ 3.5/bbl, as compared to $ 2.5/bbl in the corresponding period of the previous year, primarily aided by wider crude differentials and sourcing advantage. EBIT for the quarter was up by 18.5 % Y-o-Y at ` 3,844 crore which was led by higher GRM despite lower crude throughput.
Singapore complex refining margin softened on Y-o-Y basis, to $4.8/bbl compared to $5.2/bbl in the same quarter last year, primarily due to weakness in middle distillates cracks. On a Q-o-Q basis, Singapore GRM showed significant weakness from $5.8/bbl in 1Q FY15, due to weak gasoline and gasoil cracks. This quarter was also characterized by fall in crude prices amid lower demand growth, supply recovery in Libya and continued production ramp-up in USA.
During the quarter, RIL J amnagar refineries processed 17.3 MMT of crude at an average utilization of 112%. In comparison, average utilization rates for refineries globally during the same period were 89.1% in North America, 78.9% in Europe and 84% in Asia. In North America, utilization improved this quarter compared to the same quarter last year, as Gulf Coast margins improved.
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RILs exports of refined products from India reached $ 9.4 billion during the quarter as compared to $ 11.1 billion in 2Q FY14. In terms of volume, exports of refined products were 10.7 MMT during 2Q FY15 as compared to 12 MMT in 2Q FY14. This was primarily on account of higher domestic sales to PSUs.
Asian gasoil cracks averaged $14.4/bbl during the quarter as against $17.3/bbl during the same period last year and $16.0/bbl in the previous quarter. The continuing weakness in Chinese demand and Indian demand due to price adjustments and monsoon impact resulted in lower cracks. Cracks were also impacted by steady ramp-up of Middle East supplies.
Naphtha cracks in Asia were significantly up as compared to same period last year but fell on a Q-o-Q basis. Naphtha demand was sequentially lower as crackers in the region underwent maintenance and new condensate splitters started up in the regions. Like naphtha, gasoline cracks were better compared to same quarter last year ($13.2/bbl vs. $12.4/bbl) but fell as compared to previous quarter ($16.1/bbl). On a Y-o-Y, cracks fared better mainly due to higher Indian and Chinese demand growth and due to fall in crude prices. On a Q-o-Q basis, gasoline cracks have slid down on seasonal decline in demand.
Fuel oil cracks gained on Y-o-Y (-$10.5/bbl vs. -$12.9/bbl) and Q-o-Q basis. Lower prices in absolute terms led to increased demand especially from J apan, Bangladesh and Pakistan. The improved demand coupled with lower crude prices led cracks higher, though lower demand from Chinese teakettle refineries tempered the gains.
Crude costs were favourable as Arab Light Arab Heavy crude differential remained firm at $ 4.8/bbl, as compared to $ 3.8/bbl in the same period last year and $ 4.9/bbl in the previous trailing quarter. Strengthening of gasoline margins supported lighter crude and softness in middle distillates and bottom of the barrel justified the weakness in heavy barrels, thus widening the differentials as compared to last year. Brent-Dubai crude differentials narrowed sharply to $ 0.4/bbl from $ 4.0/bbl in the same quarter last year and $ 3.5/bbl in the previous trailing quarter. A combination of wide
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Arab Light Arab Heavy and Brent-Dubai differential was a key factor for lower crude cost during the quarter.
2Q FY15 revenue from the Petrochemicals segment declined marginally Y-o-Y to ` 26,651 crore ($ 4.3 billion). EBIT for the quarter remained flat at ` 2,361 crore on Y-o-Y basis. However, on a Q-o-Q basis EBIT increased sharply by 26.7%, led by strong rebound in polymers, fibre intermediates and aromatics margins.
Polymer & Cracker Sector:
During 1H FY15, Indian polymer demand was higher by 4.9%. During 1H FY15, PP demand grew 4.7% Y-o-Y with improved demand from the film packaging, thermoforming, automotive and appliances sector. PE demand was higher by 5.6% due to good demand from moulded products (i.e. FMCG, Pharma and Food packaging) and paper/woven sacks lamination packaging sector. PVC domestic demand was higher by 4.1%.
Weakening crude oil prices resulted in soft naphtha price environment, improving deltas for all key polymers. Ethylene deltas were close to all-time highs with large planned and unplanned outages in most regions. Polymer prices were stable to higher on sequential quarter basis. On Q-o-Q basis, overall product margin environment remained strong. PP deltas improved by 11.3% to $ 257/MT as propylene prices continue to fall on increased supplies in Asia and moderate demand in some of the downstream sectors. PE delta improved by 12% to $ 682/MT as PE prices were stable while feedstock naphtha
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prices were softening on weakening crude oil prices. PVC margins were higher by 9.4% at $ 455/MT as feedstock EDC prices were soft.
For the quarter, RILs polymer production during was stable at 1.1 MMT. RIL continues to maintain its leadership position in the domestic market.
Elastomers
Butadiene prices were volatile though they remained at low levels ($1300 $1500 / MT) as new capacities came online and demand reduced from synthetic rubber and ABS sectors in Asia. Volatility was primarily on account of shutdowns, which tightened supplies at certain times. The price was also driven down by a negative trend in the downstream synthetic rubber industry led by reducing natural rubber prices.
RIL has stabilized operations of its new swing 40 KTA capacity PBR plant at Hazira, having capability to produce Nickel and Neodymium grade PBR. With the addition of new facility, RILs total PBR capacity stands at 114 KTPA. The product from the new plant has successfully been placed in the market after due approvals from the end-users. Local availability of additional PBR has helped domestic rubber industry to reduce their dependence on imports. Indian auto sector has seen growth for 5 successive months since May 2014. The uptrend in automobile industry is expected to have a positive impact on synthetic rubber consumption in India.
RILs new Emulsion SBR plant at Hazira is likely commence operations soon. The plant has capacity to produce 150 KTPA of emulsion SBR rubber that will include dry as well as oil extended grades. RIL would have the largest plant in India and will reaffirm its leadership position in synthetic rubbers in Indian market. After commissioning of RILs SBR plant, India is likely to become self-sufficient in SBR production, reducing import dependence.
Aromatics and Polyester Chain
Polyester markets were mostly influenced by Chinese downstream demand and cotton policy. Demand remained tepid early in the quarter, but saw revival only as winter demand emerged. Strength in fibre
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intermediates impacted polyester downstream deltas during the quarter. Global PET markets were not encouraging with the peak consumption season coming to end in major markets, except the Middle East. PET margins were stable Y-o-Y but significantly lower than previous quarter.
Domestic demand for polyester remained stable with 1H FY15 volumes growing 3% Y-o-Y. FDY firmed up during the quarter with good demand from warp knitting and the start of the peak seasonal demand.
Market sentiments in the polyester chain continues to remain weak. Average prices were marginally higher on Q-o-Q basis across the chain.
PX markets started the quarter with many shutdowns continuing from the previous quarter. This along with curtailed productions managed to keep prices and margins higher. Regional PX deltas rebounded to an average of $ 437/MT, up 40% Q-o-Q. However, contract prices remained unsettled throughout. Towards the end of the quarter, slipping demand and imminent capacity additions led price and margin declines.
Asian Benzene prices declined towards the end of the quarter, amidst lower prices in US markets. With new Asian benzene capacity coinciding with softer demand coming from China, Asian benzene sellers have been regarding the US as a necessary export outlet. Margins however remained healthy supported by low naphtha prices, averaging the quarter higher both on Q-o-Q and Y-o-Y.
PTA markets continued to reel under the pressure of oversupply. Formula based pricing linked to PX helped producers manage some price gains, which also helped to resurrect margins. Prices for the quarter were higher sequentially, but were lower on Y-o-Y basis. India imposed provisional anti-dumping duty on China, Korea, Thailand and EU during the quarter.
MEG markets were mostly influenced by the polyester and co-feedstock PTA markets. Inventory in Chinese coastal tanks declined but overall remained high. MEG deltas improved sharply by 17% on Q- o-Q basis with weakness in naphtha prices.
RIL polyester production increased 16% during 1H FY15 as a result of increase in PFY volumes at Silvassa.
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RIL filament yarn market share has increased with the start-up of the Silvassa plant, which is now operating at full capacity utilization levels. PET phase 1 expansion of 325 KTPA is nearing start-up and is likely to commence production during 3Q FY15.
KG-D6 Production Update: KG-D6 field produced 0.5 million barrels of crude oil, 0.1 million barrels of condensate and 40.6 BCF of natural gas in 2Q FY15. Fall in production is mainly due to natural decline in the fields partly offset by incremental production from new well MA08 and side track in well MA6H during the previous year.
Key Project Update: Appraisal of D55 discovery
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o Drilling of third appraisal well MJ -A3 is under way to appraise southern part of Central Segment of MJ discovery area. o Evaluation of 2 nd Appraisal well completed no hydrocarbon bearing zone was encountered in the Eastern segment of MJ discovery area. o Conceptual Engineering Study is underway.
D1-D3 Enhanced Gas Recovery activities: o Various type of well intervention jobs have been planned in the wells shut in due to water ingress. These are highly complex operations, having a low success rate and with hardly any analogues available in deep-water fields. Initial interventions (water shut off jobs) have not met expectations. However, revival actions in these wells post commissioning of Onshore Terminal Booster Compressor are being considered. o Booster compressor at Onshore Terminal: 2 Compressors and Gas Turbine package installed on foundation. Construction activity underway. Working towards commissioning 2 compressors during 1H 2015.
Panna Mukta and Tapti Production update: Panna-Mukta fields produced 1.8 million barrels of crude oil and 16.5 BCF of natural gas in 2Q FY15. The increase in production was on account of additional volumes from new well including infills drilled during Q3/Q4 FY14 coupled with revival of shut in wells.
Tapti fields produced 0.06 million barrels of condensate and 4 BCF of natural gas in 2Q FY15. The Tapti field is in natural decline.
CBM Significant progress made in the Phase 1 of development activities in two CBM blocks, Sohagpur East and Sohagpur West for achieving first gas by 2H 2015.
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The Phase 1 comprises of Drilling and completion of 229 wells, 2 Gas Gathering Station and 8 Water gathering stations with associated pipelines. 60% of the Phase 1 activity completed. Land acquisition for wells sites and facilities are progressing as per plan. 3 Rigs are in operation performing multiple operations. Drilling of 135 surface holes, 114 production holes and 82 Hydro-fracturing jobs out of 229 wells as part of Phase 1 has been completed. Detailed engineering and construction activities is in under progress.
Shahdol-Phulpur Gas pipeline project: 100 % completion of land acquisition and Right of Use Notification under PMP Act. FEED, detailed engineering and ordering for all Long Lead Items completed.
Oil & Gas (US Shale)
(In ` Crore)
2Q CY14
1Q CY14
2Q CY13 % Change wrt 1Q CY14 % Change wrt 2Q CY13
1H CY14
1H CY13 % Change wrt 1H CY13 Segment Revenue 1,619 1,617 1,211 0.1% 33.7% 3,236 2,253 43.6% Segment EBIT 488 559 590 (12.7%) (17.3%) 1,047 723 44.8% EBIT Margin (%) 30.1% 34.6% 48.7% 32.4% 32.1% Note: 2Q/1H CY14 financials for US Shale are consolidated in 2Q/1H FY15 results as per accounting standards
Review of US Shale Operations (2Q FY15) Reliances Shale Gas business registered strong revenue and EBITDA growth over the corresponding quarter of FY14, though sequential growth was impacted by lower pricing and higher gas differentials. Marcellus J V production remained restricted below potential due to frac operations in offset wells and midstream maintenance activities as well as forced shut-in at times to prevent lower realization. Natural Gas differentials remained high and were a key challenge, especially in the NE region that was impacted by warmer weather and continued strong growth in supplies from Marcellus producers. Sequential softening of benchmark gas prices also impacted realization during
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the quarter. While revenue growth suffered sequentially, EBITDA remained steady at 1Q FY15 levels benefiting from lower opex across all J Vs. Continued strong performance of Eagle Ford J V provided strong base for current quarter performance.
Gross J V production averaged at ~1.2 Bcfe/day reflecting growth of 3% sequentially and 38% over corresponding quarter of FY14. New production records achieved at Pioneer and Chevron J Vs supported by continuous hooking up of wells and continued strong well performance in the J Vs.
Pioneer J V continued on liquid focused development in Eagle Ford. Gross J V production averaged at 704Mmcfe/d, including ~68,200bbl/d of condensate. Production at Chevron J V continued its growth trajectory at 346Mmcfe/d, while market conditions forced temporary curtailment in production at Carrizo J V that recorded 18% sequential drop in average production rates at 143Mmcfe/d during the quarter.
Overall capex for the quarter was at $321 million and cumulative investment across all J Vs stood at $7.7 billion. Substantial part of Pioneer and Carrizo J V capex are met through cash from respective J V operations. Chevron J V continued to account for most of the ongoing capex and funding needs.
Significant progress on several ongoing value creation initiatives were made during the quarter. Pioneer J V has adopted lower cost 2-string casing design for its new wells and concepts of completion optimization and down spacing are successfully implemented. Chevron has started implementing higher intensity well completion to further improve the resource base. All three J Vs are actively implementing opex reduction initiatives. Reliances shale gas remains focused on high- grading of development activities and improving costs and efficiencies towards creating value.
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Continuing its growth momentum, Reliance Retail surpassed significant milestones in the quarter. The business recorded the highest revenue and PBDIT in any quarter and as a result of focused expansion, has crossed over 2,000 operational stores spanning 155 Indian cities. Despite persistent inflation and slow consumption growth, second quarter revenue for Reliance Retail grew by 20% Y-o-Y to ` 4,167 crore. All format sectors grew through store additions as well as consistent like for like growth ranging up to 21%. The business recorded a PBDIT of ` 186 crore, a Y-o-Y increase of 96%. As in the previous quarter, gross margin improvement with variable expense control and leverage of fixed expenses contributed to the strong PBDIT performance. Value Formats completed the Reliance Fresh store portfolio optimization, and began to augment its network of stores in core cities, which will further strengthen market share and enhance efficiencies. The format sectors successful retailing of high quality products under its own brand portfolio continued in the quarter and now has a significant portfolio of products in the categories of FMCG, Staples and Dairy. Reliance Market continued to consolidate its leadership position with the opening of three new stores in the quarter. The format now serves over 1.5 million registered members. The Digital sector added 262 stores in the quarter taking the total to 689 stores across the country. The sector formats offer a differentiated and powerful platform of products and solutions into a superior experience for the customer. Extensive product assortment, highly trained staff, effective
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and trustworthy service capabilities delivered through a large network of stores, has firmly established the leadership position of this sector. Reliance Trends inaugurated an in-house design studio and sampling facility in the quarter. These facilities will enable sustainable superior fashion quotient and a significantly higher speed to market for its own brand products that contributed 67% of sales in the quarter. During the quarter, Reliance Trends further solidified itself as the preferred fashion destination for Indian shoppers. During the quarter, the first Payless Shoesource stores were opened, marking its launch in the country. Payless is the largest specialty family footwear retailer in the Western hemisphere and complements our format portfolio very well. Reliance Footprint continued expansion and crossed an important milestone in the quarter the format now operates in over 100 cities in India. As of September 30, 2014, Reliance Retail operated 2,006 stores in 155 cities across the country.
BROADBAND ACCESS
RILs subsidiary, Reliance J io Infocomm Limited (RJ IL), which is the only private player with Broadband Wireless Access spectrum in all the 22 telecom circles of India, plans to provide reliable fast internet connectivity and rich digital services on a Pan India basis. In addition to fixed and wireless broadband connectivity, RJ IL also plans to enable end-to-end solutions that address the entire value chain across various digital services in key domains of national interest such as education, healthcare, security, financial services, government-citizen interfaces and entertainment. RJ IL aims to comprehensively address the requisite components of the customer need, thereby fundamentally enhancing the opportunity and experience of hundreds of millions of Indian citizens and organizations. Engaged in this massive endeavour, over 10,000 full time J io employees are working alongside nearly 30,000 professionals from our partners and vendors from all parts of the world. In addition, there are over 100,000 people working across the country in creating the digital infrastructure backbone for this network. The key leadership positions required to execute the project are in place. RJ IL has finalized the key vendor and supplier
Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000 Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185 3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
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partnerships that are required for the launch of our services, and is making rapid progress in building the critical infrastructure needed to launch its services. In the past year, Reliance J io has signed agreements with the following: An agreement with Tower Vision for their 8,400 towers across India. (May 2014) An agreement with ATC India for their 11,000 towers across India. (April 2014) An agreement with Viom Networks for their 42,000 telecom towers. (March 2014) An agreement with Bharti Infratel for their 36,000 telecom towers. (March 2014) Agreement with Bharti Airtel for a comprehensive telecom infrastructure sharing agreement to share infrastructure created by both parties to avoid duplication of infrastructure wherever possible. (December 2013) A key agreement for international data connectivity with Bharti to utilise dedicated fiber pair of Bhartis i2i submarine cable that connects India and Singapore. (April 2013) Agreements with Reliance Communications Limited for sharing of RCOMs extensive intercity and intra-city optic fiber infrastructure of nearly 1,20,000 fiber-pair kilometers of optic fiber and 500,000 fiber pair kilometers respectively (April 2013 / April 2014), and 45,000 towers (J une 2013).
In the past quarter, continuing on the infrastructure sharing with other firms, Reliance J io signed agreements with Indus Towers and GTL Infrastructure Limited in order to widen access to telecom tower infrastructure to expedite the rollout of its 4G services. Reliance Industries Limiteds acquisition of control in Network 18 Media & Investments Limited through Independent Media Trust including its subsidiary TV18 Broadcast Limited will differentiate Reliances 4G business by providing a unique amalgamation at the intersect of telecom, web and digital commerce via a suite of premier digital properties.
(All $ numbers are in US$)
Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000 Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185 3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
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UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER/HALF YEAR ENDED 30 th SEPTEMBER 2014 (` in crore, except per share data) Sr. No. Particulars Quarter Ended Half Year Ended Year Ended 30 Sep14 30 June14 30 Sep13 30 Sep14 30 Sep13 31 Mar14 (Audited) 1 Income from Operations
(a) Net Sales/Income from operations (Net of excise duty and service tax ) 109,797 104,640 115,491 214,437 212,994 434,460 Total income from operations (net) 109,797 104,640 115,491 214,437 212,994 434,460 2 Expenses (a) Cost of materials consumed 81,815 82,631 93,933 164,446 171,002 346,491 (b) Purchases of stock-in- trade 8,526 5,308 3,310 13,834 9,162 17,091
(c) Changes in inventories of finished goods, work-in- progress and stock-in-trade (1,597) (2,802) (89) (4,399) (2,165) (560) (d) Employee benefits expense 1,575 1,480 1,409 3,055 2,824 5,572 (e) Depreciation, amortization and depletion expense 3,024 2,782 2,796 5,806 5,515 11,201 (f) Other expenses 9,660 9,034 8,063 18,694 15,449 31,067 Total Expenses 103,003 98,433 109,422 201,436 201,787 410,862 3 Profit from operations before other income and finance costs 6,794 6,207 6,069 13,001 11,207 23,598 4 Other Income 2,009 1,974 2,346 3,983 4,738 8,911 5 Profit from ordinary activities before finance costs 8,803 8,181 8,415 16,984 15,945 32,509 6 Finance costs 997 505 959 1,502 1,897 3,836 7 Profit from ordinary activities before tax 7,806 7,676 7,456 15,482 14,048 28,673 8 Tax expense 1,882 1,765 1,607 3,647 2,962 6,215 9 Net Profit for the Period 5,924 5,911 5,849 11,835 11,086 22,458 10 Share of profit of associates 52 53 37 105 62 90 11 Minority interest (4) (7) (13) (11) (38) (55) 12 Net Profit after taxes, minority interest and share in profit of associates 5,972 5,957 5,873 11,929 11,110 22,493 13 Paid up Equity Share Capital, Equity Shares of ` 10/- each. 3,234 3,233 3,231 3,234 3231 3,232 14 Reserves excluding revaluation reserves 1,94,882 15 Earnings per share (Face value of ` 10) (a) Basic 20.3 20.3 20.0 40.6 37.8 76.5 (b) Diluted 20.3 20.3 20.0 40.6 37.8 76.5 A PARTICULARS OF SHAREHOLDING 1 Public shareholding (including GDR holders) - Number of Shares (in crore) 177.02 176.87 176.67 177.02 176.67 176.79 - Percentage of Shareholding (%) 54.74 54.71 54.69 54.74 54.69 54.70 2 Promoters and Promoter Group shareholding a) Pledged / Encumbered - Number of shares (in crore) - - - - - -
- Percentage of shares (as a % of the total shareholding of Promoters and Promoter Group) - - - - - -
- Percentage of shares (as a % of the total share capital of the company) - - - - - - b) Non Encumbered - Number of shares (in crore) 146.40 146.40 146.39 146.40 146.39 146.40
- Percentage of shares (as a % of the total shareholding of Promoters and Promoter Group) 100 100 100 100 100 100
- Percentage of shares (as a % of the total share capital of the company) 45.26 45.29 45.31 45.26 45.31 45.30
Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000 Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185 3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
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Notes:
1. The figures for the corresponding previous period have been reworked/regrouped wherever necessary, to make them comparable.
2. The consolidated accounts have been prepared as per Accounting Standard (AS) 21 on Consolidated Financial Statements and Accounting Standard (AS) 23 on Accounting for Investments in Associates in Consolidated Financial Statements.
3. The paid up Equity Share Capital in item no 13 of the above result, includes 29,23,54,627 equity shares directly held by subsidiaries/trust before their becoming subsidiaries of the Company, which have been excluded for the purpose of computation of Earnings per share.
4. The Government of India (GoI), by its letters dated 2nd May, 2012, 14th November, 2013 and 10th J uly, 2014 has communicated that it proposes to disallow certain costs which the Production Sharing Contract (PSC), relating to Block KG-DWN-98/3 entitles the Company to recover. Based on legal advice received, the Company continues to maintain that a Contractor is entitled to recover all of its costs under the terms of the PSC and there are no provisions that entitle the Government to disallow the recovery of any Contract Cost as defined in the PSC. The Company has already referred the issue to arbitration and already communicated the same to GoI for resolution of disputes.
5. In J uly 2014, RIL has completed the acquisition of control of Network 18 Media and Investments Limited (NW18) including its subsidiary TV18 Broadcast Limited (TV18).
6. Pursuant to the enactment of the Companies Act 2013 (the 'Act'), the Company has, effective 1st April 2014, reviewed and revised the estimated useful lives of its fixed assets, generally in accordance with the provisions of Schedule II to the Act. The consequential impact (after considering the transition provision specified in Schedule II) on the depreciation charged and on the results for the quarter is not material.
Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000 Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185 3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
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7. Based on alternate interpretation for calculation of diluted EPS as per Accounting Standard (AS) 20 the diluted EPS for the quarter ending Sept 14, J une 14 & Sept 13, Half year ending Sept 14 & Sept 13 and Year ended Mar 14 is ` 20.2, ` 20.2, ` 19.9 , ` 40.4 , ` 37.7 and ` 76.4 respectively.
8. There were no investors complaints pending as on 1st J uly 2014. All the 759 complaints received during the quarter ended 30th September 2014 were resolved and no complaints were outstanding as on 30th September 2014.
9. The Audit Committee has reviewed the above results and the Board of Directors have approved the above results and its release at their respective meetings held on 13th October 2014. The Statutory Auditors of the Company have carried out a Limited Review only for the Quarter/ Half Year Ended 30th September 2014 and the Quarter Ended 30 th J une 2014.
Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000 Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185 3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
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Consolidated Statement of Assets and Liabilities ` in Crore Sr. No. Particulars
As at 30 th September 2014 (Unaudited) As at 31st March 2014 (Audited) A EQUITY AND LIABILITIES 1 Shareholders' Funds (a) Share Capital 2,942 2,940 (b) Reserves and Surplus 207,144 195,730 Subtotal - Shareholders' Funds 210,086 198,670
2 Share application money pending allotment 24 17
3
Minority Interest 2,990 959 4 Non - Current Liabilities (a) Long-Term borrowings 106,007 101,016 (b) Deferred Payment Liabilities 7,391 3 (c) Deferred Tax Liability (net) 12,391 11,925 (d) Other Long Term Liabilities 1,493 807 (e) Long Term Provisions 115 290 Subtotal -Non - Current liabilities 127,397 114,041
5 Current Liabilities (a) Short-term borrowings 27,016 32,792 (b) Trade Payables 72,925 60,860 (c) Other current liabilities 30,857 17,058 (d) Short term provisions 1,721 4,446 Subtotal - Current Liabilities 132,519 115,156 TOTAL- EQUITY AND LIABILITIES 473,016 428,843
B ASSETS 1 Non-Current Assets (a) Fixed Assets 271,680 232,911 (b) Goodwill on Consolidation 4,397 - (c) Non-current investments 26,469 26,867 (d) Long-term loans and advances 16,154 17,996 (e) Other Non-Current Assets 4 - Sub Total Non-Current Assets 318,704 277,774
2 Current Assets (a) Current investments 39,045 34,458 (b) Inventories 62,330 55,997 (c) Trade receivables 10,921 9,411 (d) Cash and Bank Balances 27,322 37,984 (e) Short-term loans and advances 11,343 9,965 (f) Other current assets 3,351 3,254 Sub Total - Current Assets 154,312 151,069 TOTAL ASSETS 473,016 428,843
Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000 Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185 3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
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UNAUDITED CONSOLIDATED SEGMENT INFORMATION FOR THE QUARTER / HALF YEAR ENDED 30 th SEPTEMBER 2014 ` in Crore Sr. Quarter Ended Half Year Ended Year Ended No. Particulars 30 Sep14 30 June14 30 Sep13 30 Sep14 30 Sep13 31 Mar14 (Audited) 1. Segment Revenue - Petrochemicals 26,651 25,398 27,128 52,049 50,356 104,018 - Refining 103,590 98,081 110,045 201,671 201,508 405,852 - Oil and Gas 3,002 3,178 2,682 6,180 5,178 10,902 - Organized Retail 4,167 3,999 3,470 8,166 6,962 14,556 - Others 2,455 1,772 1,299 4,227 3,074 6,271 Gross Turnover (Turnover and Inter Segment Transfers) 139,865 132,428 144,624 272,293 267,078 541,599 Less: Inter Segment Transfers 26,469 24,523 26,185 50,992 48,024 95,260 Turnover 113,396 107,905 118,439 221,301 219,054 446,339 Less: Excise Duty / Service Tax Recovered 3,599 3,265 2,948 6,864 6,060 11,879 Net Turnover 109,797 104,640 115,491 214,437 212,994 434,460 2. Segment Results - Petrochemicals 2,361 1,863 2,381 4,224 4,138 8,403 - Refining 3,844 3,814 3,243 7,658 6,190 13,392 - Oil and Gas 818 1,042 956 1,860 1,442 2,811 - Organized Retail 99 81 70 180 56 118 - Others 272 116 120 388 322 879 Total Segment Profit before Interest and Tax 7,394 6,916 6,770 14,310 12,148 25,603 (i) Interest Expense (997) (505) (959) (1,502) (1,897) (3,836) (ii) Interest Income 1,190 1,187 1,466 2,377 2,999 5,907
(iii) Other Un-allocable Income (Net of Expenditure) 271 131 216 402 860 1,089 Profit before Tax 7,858 7,729 7,493 15,587 14,110 28,763 (i) Provision for Current Tax (1,628) (1,520) (1,461) (3,148) (2,883) (5,929) (ii) Provision for Deferred Tax (254) (245) (146) (499) (79) (286) Profit after Tax (including share of profit/(loss) of associates) 5,976 5,964 5,886 11,940 11,148 22,548
3. Capital Employed (Segment Assets Segment Liabilities)
Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000 Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185 3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
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Notes to Segment Information (Consolidated) for the Quarter/ Half Year Ended 30 th September 2014
1. As per Accounting Standard 17 on Segment Reporting (AS 17), the Company has reported "Segment Information", as described below:
a) The petrochemicals segment includes production and marketing operations of petrochemical products namely, High density Polyethylene, Low density Polyethylene, Linear Low density Polyethylene, Polypropylene, Polyvinyl Chloride, Polyester Yarn, Polyester Fibres, Purified Terephthalic Acid, Paraxylene, Ethylene Glycol, Olefins, Aromatics, Linear Alkyl Benzene, Butadiene, Acrylonitrile, Poly Butadiene Rubber, Caustic Soda and Polyethylene Terephthalate.
b) The refining segment includes production and marketing operations of the petroleum products.
c) The oil and gas segment includes exploration, development and production of crude oil and natural gas.
d) The organized retail segment includes organized retail business in India.
e) Other business segments including broadband access & media which are not separately reportable have been grouped under the others segment.
f) Capital employed on other investments / assets and income from the same are considered under unallocable.
Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000 Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185 3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
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UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER/HALF YEAR ENDED 30 th SEPTEMBER 2014 (` in crore, except per share data) Sr. No. Particulars Quarter Ended Half Year Ended Year Ended 30 Sep14 30 June14 30 Sep13 30 Sep14 30 Sep13 31 Mar14 (Audited) 1 Income from Operations
(a) Net Sales/Income from operations (Net of excise duty and service tax ) 96,486 96,351 103,758 192,837 191,403 390,117 Total income from operations (net) 96,486 96,351 103,758 192,837 191,403 390,117 2 Expenses (a) Cost of materials consumed 78,851 80,966 88,365 159,817 162,094 329,313 (b) Purchases of stock-in- trade 1,736 1,716 116 3,452 508 524
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (576) (2,120) (185) (2,696) (931) 412 (d) Employee benefits expense 932 929 808 1,861 1,707 3,370 (e) Depreciation, amortization and depletion expense 2,227 2,024 2,233 4,251 4,371 8,789 (f) Other expenses 7,308 7,330 6,805 14,638 13,101 25,621 Total Expenses 90,478 90,845 98,142 181,323 180,850 368,029 3 Profit from operations before other income and finance costs 6,008 5,506 5,616 11,514 10,553 22,088 4 Other Income 2,140 2,046 2,060 4,186 4,595 8,936 5 Profit from ordinary activities before finance costs 8,148 7,552 7,676 15,700 15,148 31,024 6 Finance costs 758 324 805 1,082 1,615 3,206 7 Profit from ordinary activities before tax 7,390 7,228 6,871 14,618 13,533 27,818 8 Tax expense 1,648 1,579 1,381 3,227 2,691 5,834 9 Net Profit for the Period 5,742 5,649 5,490 11,391 10,842 21,984 10 Paid up Equity Share Capital, Equity Shares of ` 10/- each. 3,234 3,233 3,231 3,234 3,231 3,232 11 Reserves excluding revaluation reserves 1,93,842 12 Earnings per share (Face value of ` 10) (a) Basic 17.7 17.5 17.0 35.2 33.6 68.0 (b) Diluted 17.7 17.5 17.0 35.2 33.6 68.0 A PARTICULARS OF SHAREHOLDING 1 Public shareholding (including GDR holders) - Number of Shares (in crore) 177.02 176.87 176.67 177.02 176.67 176.79 - Percentage of Shareholding (%) 54.74 54.71 54.69 54.74 54.69 54.70 2 Promoters and Promoter Group shareholding a) Pledged / Encumbered - Number of shares (in crore) - - - - - -
- Percentage of shares (as a % of the total shareholding of Promoters and Promoter Group) - - - - - -
- Percentage of shares (as a % of the total share capital of the company) - - - - - - b) Non Encumbered - Number of shares (in crore) 146.40 146.40 146.39 146.40 146.39 146.40
- Percentage of shares (as a % of the total shareholding of Promoters and Promoter Group) 100 100 100 100 100 100
- Percentage of shares (as a % of the total share capital of the company) 45.26 45.29 45.31 45.26 45.31 45.30
Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000 Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185 3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
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Notes:
1. The figures for the corresponding previous period have been reworked/regrouped wherever necessary, to make them comparable.
2. The Government of India (GoI), by its letters dated 2nd May, 2012, 14th November, 2013 and 10 th J uly, 2014 has communicated that it proposes to disallow certain costs which the Production Sharing Contract (PSC), relating to Block KG-DWN-98/3 entitles the Company to recover. Based on legal advice received, the Company continues to maintain that a Contractor is entitled to recover all of its costs under the terms of the PSC and there are no provisions that entitle the Government to disallow the recovery of any Contract Cost as defined in the PSC. The Company has already referred the issue to arbitration and already communicated the same to GoI for resolution of disputes.
3. Pursuant to the enactment of the Companies Act 2013 (the 'Act'), the Company has, effective 1st April 2014, reviewed and revised the estimated useful lives of its fixed assets, generally in accordance with the provisions of Schedule II to the Act. The consequential impact (after considering the transition provision specified in Schedule II) on the depreciation charged and on the results for the quarter is not material.
4. Based on alternate interpretation for calculation of diluted EPS as per Accounting Standard (AS) 20 the diluted EPS for the quarter ending Sept 14, J une 14 & Sept 13, Half year ending Sept 14 & Sept 13 and Year ended Mar 14 is ` 17.7, ` 17.4, ` 17.0 , ` 35.1 , ` 33.5 and ` 67.9 respectively.
5. There were no investors complaints pending as on 1st J uly 2014. All the 759 complaints received during the quarter ended 30th September 2014 were resolved and no complaints were outstanding as on 30th September 2014.
6. The Audit Committee has reviewed the above results and the Board of Directors have approved the above results and its release at their respective meetings held on 13 th October 2014. The Statutory Auditors of the Company have carried out a Limited Review of the aforesaid results.
Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000 Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185 3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
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Standalone Statement of Assets and Liabilities ` in Crore Sr. No. Particulars
As at 30 th September 2014 (Unaudited) As at 31st March 2014 (Audited) A EQUITY AND LIABILITIES
1 Shareholders' funds (a) Share Capital 3,234 3,232 (b) Reserves and Surplus 205,052 193,842 Subtotal - Shareholders' funds 208,286 197,074
2 Share application money pending allotment 24 17
3 Non - current liabilities (a) Long-Term borrowings 67,975 62,708 (b) Deferred Payment Liabilities 3 3 (c) Deferred Tax Liability (net) 12,396 12,215 Subtotal -Non - current liabilities 80,374 74,926
4 Current liabilities (a) Short-term borrowings 11,750 22,770 (b) Trade Payables 66,589 57,862 (c) Other current liabilities 13,125 10,767 (d) Short term provisions 1,230 4,167 Subtotal -Current liabilities 92,694 95,566 TOTAL- EQUITY AND LIABILITIES 381,378 367,583
B ASSETS 1 Non-current assets (a) Fixed Assets 164,385 151,122 (b) Non-current investments 52,671 52,692 (c) Long-term loans and advances 30,897 28,436 Sub Total Non-current assets 247,953 232,250
2 Current assets (a) Current investments 36,537 33,370 (b) Inventories 47,654 42,932 (c) Trade receivables 10,163 10,664 (d) Cash and Bank Balances 26,162 36,624 (e) Short-term loans and advances 12,314 11,277 (f) Other current assets 595 466 Sub Total - Current assets 133,425 135,333 TOTAL ASSETS 381,378 367,583
Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000 Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185 3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
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UNAUDITED STANDALONE SEGMENT INFORMATION FOR THE QUARTER / HALF YEAR ENDED 30 th SEPTEMBER 2014 ` in crore Sr. Quarter Ended Half Year Ended Year Ended No. Particulars 30 Sep14 30 June14 30 Sep13 30 Sep14 30 Sep13 31 Mar14 (Audited) 1. Segment Revenue - Petrochemicals 24,932 23,715 24,892 48,647 46,842 96,465 - Refining 91,781 90,998 97,456 182,779 178,914 361,970 - Oil and Gas 1,380 1,557 1,464 2,937 2,918 6,068 - Others 221 193 330 414 946 1,549 Gross Turnover (Turnover and Inter Segment Transfers) 118,314 116,463 124,142 234,777 229,620 466,052 Less: Inter Segment Transfers 18,544 17,079 17,619 35,623 32,508 64,750 Turnover 99,770 99,384 106,523 199,154 197,112 401,302 Less: Excise Duty / Service Tax Recovered 3,284 3,033 2,765 6,317 5,709 11,185 Net Turnover 96,486 96,351 103,758 192,837 191,403 390,117
2. Segment Results - Petrochemicals 2,403 1,885 2,504 4,288 4,392 8,612 - Refining 3,788 3,773 3,174 7,561 6,125 13,220 - Oil and Gas 332 487 356 819 708 1,626 - Others 66 52 42 118 126 419 Total Segment Profit before Interest and Tax 6,589 6,197 6,076 12,786 11,351 23,877 (i) Interest Expense (758) (324) (805) (1,082) (1,615) (3,206) (ii) Interest Income 1,441 1,357 1,551 2,798 3,179 6,472 (iii) Other Un-allocable Income (Net of Expenditure) 118 (2) 49 116 618 675 Profit before Tax 7,390 7,228 6,871 14,618 13,533 27,818 (i) Provision for Current Tax (1,539) (1,507) (1,436) (3,046) (2,827) (5,812) (ii) Provision for Deferred Tax (109) (72) 55 (181) 136 (22) Profit after Tax 5,742 5,649 5,490 11,391 10,842 21,984
3. Capital Employed (Segment Assets Segment Liabilities)
Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000 Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185 3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
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Notes to Segment Information (Standalone) for the Quarter/ Half Year Ended 30 th September 2014
1. As per Accounting Standard 17 on Segment Reporting (AS 17), the Company has reported Segment Information, as described below:
a) The petrochemicals segment includes production and marketing operations of petrochemical products namely, High density Polyethylene, Low density Polyethylene, Linear Low density Polyethylene, Polypropylene, Polyvinyl Chloride, Polyester Yarn, Polyester Fibres, Purified Terephthalic Acid, Paraxylene, Ethylene Glycol, Olefins, Aromatics, Linear Alkyl Benzene, Butadiene, Acrylonitrile, Poly Butadiene Rubber, Caustic Soda and Polyethylene Terephthalate.
b) The refining segment includes production and marketing operations of the petroleum products.
c) The oil and gas segment includes exploration, development and production of crude oil and natural gas.
d) The smaller business segments not separately reportable have been grouped under the others segment.
e) Capital employed on other investments / assets and income from the same are considered under unallocable.
Provincial Facilitation for Investment and Trade Index: Measuring Economic Governance for Business Development in the Lao People’s Democratic Republic-Second Edition