Reliance Industries Result Updated

8/2/2019 Reliance Industries Result Updated

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Please refer to important disclosures at the end of this report 1

Y/E March (` cr) 4QFY12 4QFY11 % chg (yoy) 3QFY12 % chg (qoq)Net operating income 85,182 72,674 17.2 85,135 0.1EBITDA 6,563 9,843 (33.3) 7,285 (9.9)

EBITDA margin (%) 7.7 13.5 (584)bp 8.6 (85)bp

PAT 4,236 5,376 (21.2) 4,440 (4.6)Source: Company, Angel Research

For 4QFY2012, Reliance Industries (RIL) reported 17.2% yoy growth in its top line.

However, EBITDA and PAT declined by 33.3% yoy and 21.2% yoy, respectively, due

to a decline in KG-D6 gas production and lower gross refining margins (GRMs).

Lower gas production leads to a decline in bottom line: RILs net sales increasedby 17.2% yoy to `85,182cr, in-line with our estimate of `84,669cr. However,EBITDA decreased by 33.3% yoy to `6,563cr on account of lower profits from all

its three main segments. GRM stood at US$7.6/bbl in 4QFY2012 compared to

US$9.2/bbl in 4QFY2011 and US$6.8/bbl in 3QFY2012. Production from

KG-D6 stood at 35mmscmd in 4QFY2012 compared to 41mmscmd in

3QFY2012 and 51mmscmd in 4QFY2011. Other income increased by 150.3%

yoy to `2,295cr and depreciation expenses decreased by 21.5% yoy to `2,659cr.

Hence, despite the 33.3% decline in EBITDA, PAT decreased by only 21.2% yoy to

`4,236cr (slightly above our estimate of

`4,177cr).RIL to set up a petcoke gasification plant: During 4QFY2012, RIL finalized its plan

to set up a petcoke gasification plant for a capex of US$4bn. The company also

downgraded its KG-D6 reserves by 12-15% due to reservoir complexity.

Outlook and valuation: RILs refining and petrochemical segments profitsdeclined during 4QFY2012. Going forward, although there are some concerns

on the KG basin gas output, we believe RIL along with BP will optimize its

producing blocks in KG-D6. Moreover, the stock is currently trading at a PE of

11.1x FY2013E and 10.4x FY2014E, compared to its past five-year trading

average of 17.0x forward PE. Thus, we maintain our Buy recommendation on RILwith an SOTP target price of `872.Key financials (Consolidated)Y/E March (` cr) FY2011 FY2012E FY2013E FY2014ENet sales 248,170 329,904 325,734 328,669% chg 21.8 32.9 (1.3) 0.9

Net profit 20,286 20,040 21,520 22,926% chg 7.8 (1.2) 7.4 6.5

EPS (`) 62.0 61.2 65.8 70.0EBITDA margin (%) 15.4 10.2 10.9 11.6

P/E (x) 11.8 11.9 11.1 10.4

RoE (%) 13.7 12.3 11.9 11.5

RoCE (%) 10.5 8.8 9.1 9.2

P/BV (x) 1.4 1.3 1.1 1.0

EV/ Sales (x) 1.0 0.7 0.7 0.7

EV/ EBITDA (x) 6.7 6.8 6.5 5.6

Source: Company, Angel Research

BUYCMP `731

Target Price `872

Investment Period 12 Months

Stock Info

Sector

Bloomberg Code

Shareholding Pattern (%)

Promoters 44.7

MF / Banks / Indian Fls 11.4

FII / NRIs / OCBs 17.0

Indian Public / Others 26.9

Abs. (%) 3m 1yr 3yr

Sensex 3.8 (10.8) 58.2

RIL (5.4) (18.2) 36.1

Oil & Gas

Avg. Daily Volume

Market Cap (` cr)

Beta

52 Week High / Low

Face Value (`)

BSE Sensex

Nifty

Reuters Code

10

16,752

5,046

RELI.BO

RIL@IN

252,460

1.1

1,066/689

775420

Bhavesh ChauhanTel: 022- 39357800 Ext: 6821

[email protected]

Reliance IndustriesPerformance Highlights

4QFY2012 Result Update | Oil & Gas

April 20, 2012


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Reliance Industries| 4QFY2012 Result Update

April 20, 2012 2

Exhibit 1:4QFY2012 performance (Standalone)Y/E March (` cr) 4QFY2012 4QFY2011 % chg (yoy) 3QFY2012 % chg (qoq)Net operating income 85,182 72,674 17.2 85,135 0.1COGS 71,519 58,259 22.8 74,190 (3.6)Total operating exp. 78,619 62,831 25.1 77,850 1.0

EBITDA 6,563 9,843 (33.3) 7,285 (9.9)EBITDA margin (%) 7.7 13.5 8.6

Other income 2,295 917 150.3 1,717 33.7

Depreciation 2,659 3,387 (21.5) 2,570 3.5

Interest 768 696 10.3 694 10.7

Extraordinary items - - -

PBT 5,431 6,677 (18.7) 5,738 (5.4)PBT margin (%) 6.4 9.2 6.7

Total tax 1,195 1,301 (8.1) 1,298 (7.9)

% of PBT 22.0 19.5 22.6

PAT 4,236 5,376 (21.2) 4,440 (4.6)Exceptional items -

Adj. PAT 4,236 5,376 (21.2) 4,440 (4.6)PAT margin (%) 5.0 7.4 5.2


Exhibit 2:Segmental break-up (Standalone)Y/E March (` cr) 4QFY2012 4QFY2011 % chg (yoy) 3QFY2012 % chg (qoq)RevenuePetrochemicals 21,412 18,194 17.7 19,781 8.2

Refining and marketing 76,211 62,704 21.5 76,738 (0.7)

Oil and gas 2,609 4,104 (36.4) 2,832 (7.9)

Others 260 173 50.3 208 25.0

Gross revenue 100,492 85,175 18.0 99,559 0.9

EBITPetrochemicals 2,174 2,626 (17.2) 2,157 0.8

Refining and marketing 1,696 2,509 (32.4) 1,685 0.7

Oil and gas 951 1,569 (39.4) 1,294 (26.5)

Others 9 7 28.6 9 0.0

Total EBIT 4,830 6,711 (28.0) 5,145 (6.1)

EBIT margin (%)Petrochemicals 10.2 14.4 - 10.9 -

Refining and marketing 2.2 4.0 - 2.2 -

Oil and gas 36.5 38.2 - 45.7 -

Others 3.5 4.0 - 4.3 -

Total 4.8 7.9 - 5.2 -Source: Company, Angel Research


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April 20, 2012 3

Exhibit 3:4QFY2012 actual vs. estimates(` cr) Estimates Actual Variation (%)Net sales 84,669 85,182 0.6

EBITDA 6,819 6,563 (3.7)EBITDA margin (%) 8.1 7.7 0.3

PBT 5,375 5,431 1.0

Adj. PAT 4,177 4,236 1.4Source: Company, Angel Research

Petrochemicals and refining segments drive RILs top-line growthRILs 4QFY2012 results were broadly in-line with our estimates. The companys net

sales increased by 17.2% yoy to `85,182cr, in-line with our estimate of `84,669cr.

Net sales growth was mainly driven by the petrochemicals segment (+17.7% yoy

to `21,412cr) and refining segment (+21.5% yoy to `76,211cr).

During 4QFY2012, RIL finalized its plan to set up a petcoke gasification plant for a

capex of US$4bn. The company also downgraded its KG-D6 reserves by 12-15%

due to reservoir complexity.


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April 20, 2012 4

Exhibit 4:Sales growth trend

22.7

5.2

26.2

39.1

36.7

42.4

17.2

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

55,000

58,000

61,000

64,000

67,000

70,000

73,000

76,000

79,00082,000

85,000

88,000

2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12

(%)(`

cr)

Net sales Net sales growth (RHS)


Exhibit 5:KG-DG production continued to slide in 4QFY201259 58

5651

4945

41

35

0

10

20

30

40

50

60

70

1QFY11 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12

(mmscmd)

KG D6 gas production


EBITDA declines by 33.3% yoyRILs EBITDA decreased by 33.3% yoy to `6,563cr on account of lower profits from

all its three main segments. The refining segment's EBIT decreased by 32.4% yoy to

`1,696cr, the petrochemical segment's EBIT decreased by 17.2% yoy to `2,174cr

and the oil and gas segment's EBIT decreased by 39.4% yoy to `951cr during the

quarter. GRM stood at US$7.6/bbl in 4QFY2012 compared to US$9.2/bbl in

4QFY2011 and US$6.8/bbl in 3QFY2012. Production from KG-D6 stood at

35mmscmd in 4QFY2012 compared to 41mmscmd in 3QFY2012 and

51mmscmd in 4QFY2011.


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April 20, 2012 5

Exhibit 6:EBIT break-up

0%

20%

40%

60%

80%

100%


Petrochemicals Refining Oil and gas Others


Exhibit 7:Operating performance trend16.3 16.0

13.5

7.7

12.5

8.67.7

6.0

8.0

10.0

12.0

14.0

16.0

18.0

-

2,000

4,000

6,000

8,000

10,000

12,000


(%)

(`cr)

Operating Profit Operating Margins (RH S)


Other income growth mutes the decline in PATDuring the quarter, the companys other income increased by 150.3% yoy to

`2,295cr due to higher treasury income. Depreciation and depletion expenses

decreased by 21.5% yoy to `2,659cr due to lower depletion charges. Hence,

despite the 33.3% decline in EBITDA, the companys PAT decreased by only 21.2%

yoy to `4,236cr (slightly above our estimate of `4,177cr).

Exhibit 8:PAT growth trend

27.828.1

14.116.7

15.8

(13.6)

(21.2)

(30.0)

(20.0)

(10.0)

0.0

10.0

20.0

30.0

40.0

-

1,000

2,000

3,000

4,000

5,000

6,000


(%)

(`cr)

PAT PAT growth (RHS)



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April 20, 2012 6

Segment-wise performance

Refining: During the quarter,crude processing stood at 16.3mn tonnes (comparedto 16.7mn tonnes in 4QFY2011), with its refinery reporting capacity utilization of

109%. Despite the decline in crude throughput, higher petroleum product prices

led to a 21.5% yoy increase in the refining segments revenue to `76,211cr.

However, GRM decreased to US$7.6/bbl in 4QFY2012 compared to US$9.2/bbl

in 4QFY2011 (US$6.8/bbl in 3QFY2012) on account of lower product cracks.

Thus, the refining segments EBIT decreased by 32.4% yoy to `1,696cr.

Exhibit 9:RILs GRM vs. Benchmark Singapore GRM

-

2.0

4.0

6.0

8.0

10.0

12.0

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

(US$/bbl)

RIL GRMs Singapore GRMs


Exhibit 10:Capacity utilization trend

7.0

9.0

11.0

13.0

15.0

17.0

20.0

40.0

60.0

80.0

100.0

120.0

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

(mntonnes)

(%)

Capacity Utilisation Crude Processing (RHS)


Petrochemicals: During 4QFY2012, the petrochemicals segments revenue grew by17.7% yoy to `21,412cr due to higher prices and sales volumes. However, the

segments EBIT margin declined by 428bp yoy to 10.2% and EBIT declined by

17.2% yoy to `2,174cr.


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April 20, 2012 7

Oil and gas: The oil and gas segments revenue decreased by 36.4% yoy to`2,609cr due to lower production from KG-D6 block; however, this was partially

offset by the increase in crude oil realization. Production from KG-D6 stood at

35mmscmd in 4QFY2012 compared to 51mmscmd in 4QFY2011.Consequently,the segments EBIT decreased by 39.4% yoy to `951cr during the quarter.

Investment arguments

Ramp-up in KG-D6 could re-rate the stock: RILs upstream segment still has

significant upside in store, considering the huge untapped resources. RILs natural

gas production stood at 35mmscmd in 4QFY2012, significantly below its potential

of 80mmscmd from KG-D6 due to constraints over reservoir pressure.

Nevertheless, we believe RIL can ramp up its production over the medium term

with the help of BPs technical expertise.

Foray into newer businesses: RIL has been eyeing inorganic routes for

diversifying its asset portfolio by entering into newer ventures, such as retail and

telecom, on the back of significant cash pile (`72,252cr as on March 31, 2012)

and treasury stocks. Initiatives such as shale gas acquisitions, with in-place reserves

of over 10TCF, could prove to be a potential trigger for the stock in the long term.


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April 20, 2012 8

Outlook and valuation

RILs refining and petrochemical segments profits declined during 4QFY2012.

Further, there are concerns on the KG basin gas output. Nevertheless,

we believe RIL along with BP will optimize its producing blocks in KG-D6 over the

medium term. Further, expansion plans to set up a petcoke gasification plant and

a petchem capacity address concerns on the utilization of RILs huge cash reserves.

Over the past five years, RIL has traded at an average one-year forward PE of

17.0x, while currently it is trading at a PE of 11.1x FY2012E and 10.4x FY2013E.

On a P/B basis, the stock trades at 1.1x FY2012E and 1.0x FY2013E. Thus, we maintain our Buy view on RIL with an SOTP target price of `872.

Exhibit 11:SOTP valuation (FY2014E)Business segment (` cr) `/shareRefining (EV/EBITDA 5.5x) 268

Petrochemical (EV/EBITDA 5.5x) 187

KG-D6 gas (DCF) 142

KG-MA oil (DCF) 45

NEC-25 (EV/boe 4.5x) 54

D3 (EV/boe 4.5x) 60

D9 (EV/boe 4.5x) 35

Shale gas ventures (EV/boe 3.0x) 60

Other prospective basins 30

Retail 15

Investment/Others 36

Total EV 931Net debt (59)

Equity value (`) 872Source: Company, Angel Research

Exhibit 12:Angel EPS forecast vs. consensusAngel forecast Bloomberg consensus Variation (%)

FY2013E 65.8 66.9 (1.7)FY2014E 70.0 71.0 (1.4)



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April 20, 2012 9

Exhibit 13:Recommendation summaryCompany CMP TP Reco. Mcap Upside P/E (x) P/BV (x) EV/EBITDA (x) RoE (%) RoCE (%)

(`) (`) (` cr) (%) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14ERIL 731 872 Buy 252,460 19 11.1 10.4 1.1 1.0 6.5 5.6 11.9 11.5 9.1 9.2ONGC 266 319 Buy 227,704 20 8.6 7.9 1.5 1.4 3.4 2.9 18.8 18.1 17.9 17.9

Cairn India 346 372 Accum. 66,151 8 6.8 7.1 1.1 1.0 4.3 3.4 18.3 14.8 18.3 14.8GAIL 361 392 Accum. 45,766 9 10.2 9.7 1.8 1.6 5.2 4.3 18.7 17.0 22.9 21.0

Source: Angel Research

Exhibit 14:One-year forward P/E

0

200

400

600

8001,000

1,200

1,400

1,600

Jul-06

Oct-06

Jan-0

7

Apr-07

Jul-07

Oct-07

Jan-0

8

Apr-08

Jul-08

Oct-08

Jan-0

9

Apr-09

Jul-09

Oct-09

Jan-1

0

Apr-10

Jul-10

Oct-10

Jan-1

1

Apr-11

Jul-11

Oct-11

Jan-1

2

A

r-12

Shareprice(`)

7x 10x 13x 16x 19x


Exhibit 15:Premium/Discount in RIL (P/E) vs. Sensex (P/E)

(30)

(20)

(10)

0

10

20

30

40

50

60

Apr-07

Aug-07

Dec-07

Apr-08

Aug-08

Dec-08

Apr-09

Aug-09

Dec-09

Apr-10

Aug-10

Dec-10

Apr-11

Aug-11

Dec-11

Apr-12

(%)

Prem/Dis c to Sensex Historic average disc.



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April 20, 2012 10

Profit and loss (Consolidated)

Y/E March (` cr) FY2009 FY2010 FY2011 FY2012 FY2013E FY2014ETotal operating income 151,224 203,740 248,170 329,904 325,734 328,669% chg 10.3 34.7 21.8 32.9 (1.3) 0.9Total Expenditure 127,802 172,846 210,044 296,285 290,276 290,388

Net Raw Materials 105,224 147,065 189,991 273,942 268,386 268,490

Purchases of finished goods 7,202 7,538 144 1,441 1,412 1,412

Personnel 3,018 2,791 2,624 2,862 2,804 2,805

Other 12,358 15,452 15,965 18,040 17,674 17,681

EBITDA 23,422 30,894 38,126 33,619 35,458 38,281% chg 1.2 31.9 23.4 (11.8) 5.5 8.0

(% of Net Sales) 15.5 15.2 15.4 10.2 10.9 11.6

Depreciation and amort. 5,651 10,946 13,608 11,394 11,657 12,983

EBIT 17,771 19,948 24,518 22,225 23,801 25,298% chg (2.0) 12.2 22.9 (9.4) 7.1 6.3

(% of Net Sales) 11.8 9.8 9.9 6.7 7.3 7.7

Interest & other Charges 1,816 2,060 2,328 2,667 2,350 1,736

Other Income 1,914 2,185 3,052 6,192 6,811 6,947

(% of PBT) 10.7 7.6 12.1 24.0 24.1 22.8

Recurring PBT 17,869 20,074 25,242 25,750 28,262 30,509% chg (2.2) 12.3 25.7 2.0 9.8 7.9

Extraordinary Income/Exp - 8,606 - - -

PBT (reported) 17,869 28,680 25,242 25,750 28,262 30,509Tax 2,919 4,256 4,956 5,710 6,783 7,627

(% of PBT) 19.5 17.4 24.4 24.0 24.0 25.0

PAT (reported) 14,950 24,424 20,286 20,040 21,479 22,882Minority interest (MI) 18 80 - - 41 44

PAT after MI (reported) 14,969 24,503 20,286 20,040 21,520 22,926ADJ. PAT(core) 14,969 15,897 20,286 20,040 21,520 22,926% chg 1.2 6.2 7.8 (1.2) 7.4 6.5

(% of Net Sales) 9.9 7.8 8.2 6.1 6.6 7.0

Basic EPS (`) 45.7 48.6 62.0 61.2 65.8 70.0Fully Diluted EPS ( ) 45.7 48.6 62.0 61.2 65.8 70.0% chg 1.2 6.2 (17.2) (1.2) 7.4 6.5


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April 20, 2012 11

Balance sheet (Consolidated)

Y/E March (` cr) FY2009 FY2010 FY2011 FY2012E FY2013E FY2014ESOURCES OF FUNDSEquity Share Capital 1,444 2,978 2,981 2,981 2,981 2,981Reserves& Surplus 119,952 138,598 151,112 168,469 186,967 206,570

Shareholders Funds 121,396 141,576 154,094 171,451 189,950 209,552Total Loans 76,257 64,606 84,106 70,500 65,390 60,390

Deferred Tax Liability 9,551 10,678 11,071 11,071 11,071 11,071

Total Liabilities 207,203 216,860 250,073 253,824 267,213 281,816APPLICATION OF FUNDSGross Block 157,182 224,125 238,293 254,973 275,371 297,400

Less: Acc. Depreciation 50,138 63,934 80,193 91,587 103,244 116,226

Net Block 107,044 160,191 158,099 163,386 172,127 181,174Capital Work-in-Progress 73,846 17,034 29,742 22,000 17,172 16,512

Investments 6,436 13,112 21,596 21,596 21,596 21,596Current Assets 58,746 69,106 98,080 112,228 119,657 125,896

Cash 22,742 13,891 30,139 37,944 47,924 53,640

Loans & Advances 11,002 10,647 13,726 13,726 13,726 13,726

Other 25,002 44,568 54,215 60,558 58,007 58,530

Current liab.and prov. 38,872 42,586 57,445 65,387 63,341 63,364

Net Current Assets 19,874 26,520 40,634 46,841 56,316 62,532Mis. Exp. not written off 4 2 1 1 1 1

Total Assets 207,203 216,860 250,073 253,824 267,213 281,816


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April 20, 2012 12

Cash flow statement (Consolidated)

Y/E March (` cr) FY2009 FY2010 FY2011 FY2012E FY2013E FY2014EProfit before tax 17,869 28,680 25,242 25,750 28,262 30,509

Depreciation 7,713 14,001 16,820 11,394 11,657 12,983

Change in Working Capital (5,771) (5,939) (14,688) 1,599 504 (500)

Others - - (1,722) - - -

Less: Other income (1,330) (1,786) - (6,192) (6,811) (6,947)

Direct taxes paid (1,926) (3,140) (4,243) (5,710) (6,783) (7,627)

Cash Flow from Operations 16,555 31,815 33,338 26,841 26,829 28,418(Inc.)/ Dec. in Fixed Assets (27,732) (23,017) (33,604) (8,938) (15,570) (21,370)

(Inc.)/ Dec. in Investments 3,366 2,645 (8,102) - - -

(Inc.)/ Dec. in loans and adv. (102) (19) - - - -

Other income 1,364 2,160 - 6,192 6,811 6,947

Others - - 9,666 - - -Cash Flow from Investing (23,103) (18,231) (32,040) (2,746) (8,759) (14,422)Issue of Equity 15,165 513 196 - - -

Inc./(Dec.) in loans 16,514 (5,822) 20,701 (13,606) (5,110) (5,000)

Dividend Paid (Incl. Tax) (1,908) (2,219) (2,431) (2,683) (2,981) (3,279)

Others (4,954) (14,907) (8,378) - - -

Cash Flow from Financing 24,817 (22,436) 14,950 (16,289) (8,091) (8,279)Inc./(Dec.) in Cash 18,268 (8,851) 16,248 7,805 9,979 5,716

Opening Cash balances 4,474 22,742 13,891 30,139 37,944 47,924Closing Cash balances 22,742 13,891 30,139 37,944 47,924 53,640


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April 20, 2012 13

Key ratios

Y/E March FY2009 FY2010 FY2011 FY2012E FY2013E FY2014EValuation Ratio (x)P/E (on FDEPS) 16.4 9.8 11.8 11.9 11.1 10.4P/CEPS 10.5 7.3 6.4 6.9 6.6 6.1

P/BV 1.8 1.5 1.4 1.3 1.1 1.0

Dividend yield (%) 0.9 1.0 1.2 1.2 1.4 1.5

EV/Sales 1.7 1.3 1.0 0.7 0.7 0.7

EV/EBITDA 10.9 8.6 6.7 6.8 6.5 5.6

EV/Total Assets 1.2 1.2 1.0 0.9 0.9 0.8

Per Share Data (`)EPS (Basic) 44.6 74.9 62.0 61.2 65.8 70.0

EPS (fully diluted) 44.6 74.9 62.0 61.2 65.8 70.0

Cash EPS 69.7 99.8 113.7 105.4 111.3 120.5

DPS 6.4 7.0 8.5 9.0 10.0 11.0

Book Value 407 475 517 575 637 703

Returns (%)RoCE (Pre-tax) 10.0 9.4 10.5 8.8 9.1 9.2

Angel RoIC (Pre-tax) 17.4 13.5 13.0 11.6 12.0 12.2

RoE 14.3 14.3 13.7 12.3 11.9 11.5

Turnover ratios (x)Asset Turnover (Gross Block) 1.1 1.1 1.1 1.3 1.2 1.1

Inventory / Sales (days) 47.4 48.8 50.3 44.3 50.8 49.8

Receivables (days) 13.2 13.4 14.9 13.6 15.6 14.9

Payables (days) 84.5 78.8 72.8 65.6 76.3 75.0

WC cycle (ex-cash) (days) 20.9 8.7 17.0 10.7 9.7 9.6

Solvency ratios (x)Net debt to equity 0.4 0.3 0.2 0.1 (0.0) (0.1)

Net debt to EBITDA 2.0 1.2 0.8 0.3 (0.1) (0.4)

Int. Coverage (EBIT/Int.) 9.8 9.7 10.5 8.3 10.1 14.6


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Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

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Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and

trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's

fundamentals.

The information in this document has been printed on the basis of publicly available information, internal data and other reliablesources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as thisdocument is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any wayresponsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report .Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify,nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. WhileAngel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory,compliance, or other reasons that prevent us from doing so.

This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,

redistributed or passed on, directly or indirectly.

Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or

other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in

the past.

Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in

connection with the use of this information.

Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may haveinvestment positions in the stocks recommended in this report.

Disclosure of Interest Statement RIL

1. Analyst ownership of the stock No

2. Angel and its Group companies ownership of the stock No

3. Angel and its Group companies' Directors ownership of the stock No

4. Broking relationship with company covered No

Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to 15%) Sell (< -15%)

Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors

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