Reliance Industries debt elevated higher in at least nine years in fiscal ended March even as Indian most valuable company set apart its tower and fibre assets.
Total debt of the oil-to-telecom entities rose nearly 31 percent year-on-year to Rs. 2,87,505 crore on the back of capital expenditure of more than 1,32,500 crore.
The refining segment was hit by lower margin and throughput. Gross refining margin fell due to excess inventory and lower demand. But the premium to Singapore GRM was higher. The premium to the Asian benchmark expanded to $5 per barrel, the highest in seven quarters, partly aided by lower feedstock prices.
Reliance Industries reported the highest ever EBIT margin for the retail segment at 4.7 percent. The revenue and EBIT growth rates of the business, however, slowed and were the lowest in nine quarters.
After rising for eight quarters, the petrochemical segment’s earnings before interest and tax declined 3 percent due to weak prices and lower volume off-take.
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