Moody's: Reliance unchanged

Moody's Investors Service said that Reliance Industries Ltd.'s full-year results for the fiscal year ended March 2012 came in slightly weaker than expected, but within the parameters of its Baa2 local currency issuer rating with a positive outlook.

Its foreign currency issuer and bond ratings outlook remain stable, in line with the country ceiling.

"The company's consolidated operating performance for fiscal year 2012 was steady compared to fiscal year 2011, despite a drag on the exploration and production segment. However, its consolidated EBITDA margins declined to 11% from 15% in the previous year, due to lower contributions from the higher margin, exploration and production business, following the disposal of a 30% participating interest and lower production levels at the KG-D6 fields, and to a lesser extent, from narrowing margins in its petrochemical segment," Moody's associate managing director Philipp Lotter said in a news release.

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