Reliance Industries to buy 24.92% in Balaji Telefilms for $64 mn

RIL which operates the world’s largest refining and petrochemicals complex at Jamnagar, will report its earnings on Thursday

Reliance Industries' on Thursday announced its earnings with a consolidated profit at Rs. 9,108 crore, partly driven by one-time gain of Rs. 1,087 crore.

Investment book increased to Rs 6,888 crore - a YoY increase of 22 per cent.

"RIL reported a massive beat when compared with estimates and given the fact that it has already rallied quite a lot so far in the year 2017, I expect the stock to open higher with a 3-5 percent gap on Friday", SP Tulsian of sptulsian.com said in an interview to CNBC-TV18. "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".

Operating profit was led by robust performance from petrochemicals business and sustained strength in the refining business. BTL has a paid-up share capital of Rs 15.2 crore (as on March 31, 2017) and generated turnover of Rs 421 crore, Rs 293 crore and Rs 347 crore in FY17, FY16 and FY15, respectively.

Said Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited: " Jio has revolutionised the Indian telecom and data consumption landscape. Analysts had expected a decline in the gross refining margin for the quarter, on the the back of a sharp decline in crude/product prices.

RIL's GRM outperformed Singapore complex margins by United States dollars 5.5/bbl. Revenues on a consolidated basis for RIL during the quarter grew 26.7%, to Rs 90,537 crore, against RS 71,451 crore in Q1FY17.

Exceptional items during the quarter was Rs 1,087 crore ($ 168 million) representing profit from divestment of stake in Gulf Africa Petroleum Corporation (GAPCO).

In a separate regulatory filing, RIL said the company proposes to buy 2.52 crore equity shares of Balaji Telefilms Ltd. (BTL), constituting 24.92% of the post issue paid up capital of BTL, through subscription to a preference issue of equity shares for ₹413.28 crore in cash (₹164 per equity share). According to Ambani, full commissioning of new PX facility at Jamnagar during the quarter will strengthen the integration within our polyester chain.

RIL's shares fell 0.31 percent on the BSE on Thursday to Rs 1,528.70 per share.

Last month, parent Reliance Industries outlined plans to raise Rs 25,000 crore through privately placed debentures, as the energy-to-retail conglomerate seeks to replace existing high-cost borrowings and build a warchest for an aggressive expansion strategy in the telecom space.

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