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Jul 19, 2012, 05.46 PM IST
Angel Broking has come out with its earnings estimates on Reliance Industries (RIL) for Q1FY13. According to the research firm, company's Q1FY13 sales are likely to go down by 0.2% at Rs 80,884 crore, Year-on-Year (YoY) basis.
The company's adjusted net profit is seen down 28% at Rs 4,077 crore, YoY.
RIL fined Rs 6,600cr for lower KG-D6 output During 1QFY2013, the Oil Ministry imposed a penalty of ~Rs 6,600cr (US$1.2bn) on Reliance Industries (RIL) for the steep decline in gas output from the KG-D6 block. Production from KG-D6 had gradually declined to 35mmscmd in 4QFY2012 from 51mmscmd in 4QFY2011. The penalty for lower production stood at US$457mn and US$778mn for FY2011 and FY2012, respectively. The Oil Ministry stated that RIL had violated the production sharing contract (PSC) and willfully drilled fewer wells than what it had committed in its approved plan, Amended Initial Development Plan (AIDP). However, RIL had stated earlier that unexpected geology had resulted in lower gas production. Further, RIL maintained that the production sharing contract allows for operators to recover 100% of the capital and operating expenditures on an oil and gasfield and does not link the cost recovery to production. Hence, it has challenged the Oil Ministry's order.
Tags: Angel Broking, earnings estimates on Reliance Industries (RIL) for Q1FY13, Reliance Industries
May 22 2013, 13:11
- in MARKET OUTLOOK
May 22 2013, 10:44
- in Economy