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7/28/2019 RIL, 4Q FY 2013
1/14
Please refer to important disclosures at the end of this report 1
Quarterly highlights - StandaloneY/E March (` cr) 4QFY2013 4QFY2012 % chg (yoy) 3QFY2013 % chg (qoq)Net operating income 84,198 85,182 (1.2) 93,886 (10.3)EBITDA 7,825 6,563 19.2 8,373 (6.5)
EBITDA margin (%) 9.3 7.7 159bp 8.9 38bp
PAT 5,589 4,236 31.9 5,502 1.6Source: Company, Angel Research
For 4QFY2013, Reliance Industries (RIL) reported a better-than-expected net
profit, mainly due to higher-than-expected profit from the Refining segment.We maintain our Neutral view on the stock.Refining segment drives top-line growth: RILs 4QFY2013 net sales declined by1.2% yoy to `84,198cr, below our estimate of `92,008cr. The decline in net sales
was mainly led by lower Oil & Gas segment sales (-38.8% yoy to `1,597cr). The
companys KG-D6 gas production fell to 19mmscmd (-45.7% yoy).
GRM above expectation: RILs EBITDA however increased by 19.2% yoy to`7,825cr on account of higher profits from the Refining and Marketing segment.
The Refining segments EBIT grew by 107.5% yoy to `3,520cr. The gross refining
margin (GRM) stood at US$10.1/bbl in 4QFY2013, compared to US$7.6/bbl in
4QFY2012.
Lower depreciation and interest costs boost bottom-line growth further: During thequarter, the depreciation (including depletion) expense fell by 15.8% yoy to
`2,239cr. The interest cost also declined by 7.7% yoy to `709cr. Hence, the
companys PAT rose by 31.9% yoy to `5,589cr (above our estimate of `5,282cr).
Outlook and valuation: For 4QFY2013, RILs Refining segments profit increasedsharply; however, its Petrochemicals and Oil & Gas segments profitability
continued to decline. Looking ahead, concerns with regards decline in gas
production from the KG D6 block continue to persist. Additional investments in
the block are unlikely to boost production in the near-term. Further, we expect
Petrochemical and Refining segments profitability growth to remain muted in
FY2014. Hence, we maintain our Neutral view on the stock.Key financials (Consolidated)Y/E March (` cr) FY2012 FY2013E FY2014E FY2015ENet sales 358,501 397,062 380,031 407,721% chg 34.9 10.8 (4.3) 7.3
Net profit 19,963 20,879 22,677 25,528% chg 3.5 4.6 8.6 12.6
EPS (`) 66.0 71.1 69.3 78.0EBITDA margin (%) 9.7 8.3 8.9 9.9
P/E (x) 12.2 11.3 11.6 10.3
RoE (%) 12.3 11.7 11.5 11.7
RoCE (%) 8.8 8.1 8.5 9.4
P/BV (x) 1.4 1.3 1.2 1.0
EV/ Sales (x) 0.6 0.6 0.6 0.5
EV/ EBITDA (x) 6.6 7.4 6.9 5.5
Source: Company, Angel Research
NEUTRALCMP `805
Target Price -
Investment Period -
Stock Info
Sector
Net Debt (`cr) (10,550)
Bloomberg Code
Shareholding Pattern (%)
Promoters 45.3
MF / Banks / Indian Fls 10.8
FII / NRIs / OCBs 21.9Indian Public / Others 22.0
Abs. (%) 3m 1yr 3yr
Sensex (5.8) 9.7 6.6
RIL (5.0) 7.1 (25.7)
Oil & Gas
Avg. Daily Volume
Market Cap (`cr)
Beta
52 Week High / Low
Face Value (`)
BSE Sensex
Nifty
Reuters Code
10
18,745
5,689
RELI.BO
RIL@IN
259,778
1.2
955/674
419,687
Bhavesh ChauhanTel: 022- 39357800 Ext: 6821
Vinay RachhTel: 022- 39357800 Ext: 6841
Reliance IndustriesPerformance Highlights
4QFY2013 Result Update | Oil & Gas
April 16, 2013
7/28/2019 RIL, 4Q FY 2013
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Reliance Industries| 4QFY2013 Result Update
April 16, 2013 2
Exhibit 1:4QFY2013 Performance (Standalone)Y/E March (` cr) 4QFY2013 4QFY2012 % chg (yoy) 3QFY2013 % chg (qoq) FY2013 FY2012 % chg (yoy)Net Operating Income 84,198 85,182 (1.2) 93,886 (10.3) 360,297 329,904 9.2COGS 70,982 71,519 (0.8) 78,170 (9.2) 306,127 274,814 11.4
Total operating expenditure 76,373 78,619 (2.9) 85,513 (10.7) 329,510 296,285 11.2
EBITDA 7,825 6,563 19.2 8,373 (6.5) 30,787 33,619 (8.4)EBITDA Margin (%) 9.3 7.7 8.9 8.5 10.2
Other Income 2,243 2,295 (2.3) 1,740 28.9 7,998 6,192 29.2
Depreciation 2,239 2,659 (15.8) 2,457 (8.9) 9,465 11,394 (16.9)
Interest 709 768 (7.7) 806 (12.0) 3,036 2,667 13.8
Extraordinary Items - - - - -
PBT 7,120 5,431 31.1 6,850 3.9 26,284 25,750 2.1PBT Margin (%) 8.5 6.4 7.3 7.3 7.8
Total Tax 1,531 1,195 28.1 1,348 13.6 5,281 5,710 (7.5)% of PBT 21.5 22.0 19.7 20.1 22.2
PAT 5,589 4,236 31.9 5,502 1.6 21,003 20,040 4.8Exceptional items - - - - -
Adj. PAT 5,589 4,236 31.9 5,502 1.6 21,003 20,040 4.8PAT Margin (%) 6.6 5.0 5.9 5.8 6.1
Source: Company, Angel Research
Exhibit 2:Segmental break-up (Standalone)(` cr) 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13RevenuesPetrochemicals 21,066 19,781 21,412 21,839 22,058 22,053 22,158
Refining & Marketing 68,096 76,738 76,211 85,383 83,878 86,641 77,872
Oil & Gas 3,563 2,832 2,609 2,508 2,254 1,921 1,597
Others 510 208 260 248 169 176 359
Gross Revenue 93,235 99,559 100,492 109,978 108,359 110,791 101,986EBITPetrochemicals 2,422 2,157 2,174 1,756 1,740 1,937 1,895
Refining & Marketing 3,075 1,685 1,696 2,151 3,523 3,615 3,520
Oil & Gas 1,531 1,294 951 972 866 590 460
Others 10 9 9 1 71 77 48
Total EBIT 7,038 5,145 4,830 4,880 6,200 6,219 5,923EBIT Margin (%)Petrochemicals 11.5 10.9 10.2 8.0 7.9 8.8 8.6
Refining & Marketing 4.5 2.2 2.2 2.5 4.2 4.2 4.5
Oil & Gas 43.0 45.7 36.5 38.8 38.4 30.7 28.8
Others 2.0 4.3 3.5 0.4 42.0 43.8 13.4
Total 7.5 5.2 4.8 4.4 5.7 5.6 5.8
Source: Company, Angel Research
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Reliance Industries| 4QFY2013 Result Update
April 16, 2013 3
Exhibit 3:4QFY2013 actual vs estimates(` cr) Estimates Actual Variation (%)Net sales 92,008 84,198 (8.5)EBITDA 8,207 7,825 (4.7)EBITDA margin (%) 8.9 9.3 (0.4)
Adj. PAT 5,282 5,589 5.8
Source: Company, Angel Research
Refining segment drives top-line growthRILs 4QFY2013 net sales declined by 1.2% yoy to `84,198cr, ie below our
estimate of `92,008cr. The decline in net sales was mainly led by lower Oil & Gas
segment sales (-38.8% yoy to `1,597cr). RILs KG-D6 gas production fell to
19mmscmd compared to 35mmscmd in 4QFY2012.
Exhibit 4:Sales growth trend
78,569
85,135 85,182
91,875 90,33693,886
84,198
36.7
42.4
17.2
13.4 15.010.3
(1.2)
(5.0)
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
55,00058,000
61,00064,00067,00070,00073,00076,00079,00082,00085,00088,00091,00094,00097,000
2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
(%)
(`cr)
Net sales Net sales growth (RHS)
Source: Company, Angel Research
Exhibit 5:KG D6 production continued to slide
4945
41
35 3329
24
19
0
10
20
30
40
50
60
1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
(mmscmd)
Source: Company, Angel Research
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Reliance Industries| 4QFY2013 Result Update
April 16, 2013 4
EBITDA rises by 19.2% yoyRILs EBITDA, however, increased by 19.2% yoy to `7,825cr, on account of higher
profits from the Refining and Marketing segment. The Refining segments EBIT
grew by 107.5% yoy to `3,520cr. RILs GRM stood at US$10.1/bbl in 4QFY2013
compared to US$7.6/bbl in 4QFY2012.
Exhibit 6:Segmental EBIT Performance
0%
20%
40%
60%
80%
100%
2QFY12 3QF Y12 4QF Y12 1QFY13 2QFY13 3QF Y13 4QFY13
Petrochemicals Refining Oil and gas Others
Source: Company, Angel Research
Exhibit 7:Operating profit trend9,844
7,285
6,563 6,747
7,7778,373
7,825
12.5
8.6
7.77.3
8.6 8.99.3
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
2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
(%)
(`cr)
Operating Profit Operating Margins (RHS )
Source: Company, Angel Research
Lower depreciation and lower interest costs boost PATDuring the quarter, the depreciation (including depletion) expense declined by
15.8% yoy to `2,239cr due to lower oil and gas production. The interest cost also
reduced by 7.7% yoy to `709cr. Hence, the companys PAT increased by 31.9%
yoy to `5,589cr (above our estimate of `5,282cr).
Exhibit 8:Other income growth trend
15.1
29.9
42.3
35.0 30.9
25.4
31.5
0.05.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
-
5,000
10,000
15,000
20,000
25,000
2QFY123QFY12 4QFY121QFY132QFY133QFY13 4QFY13
(%)
(`cr)
Other income Other inc. as a % of PBT (RHS)
Source: Company, Angel Research
Exhibit 9:PAT growth trend5,703
4,4404,236 4,473
5,409 5,502 5,589
15.8
(13.6) (21.2) (21.0)
(5.2)
23.9
31.9
(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
2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
(%)
(`cr)
PAT PAT growth (RHS)
Source: Company, Angel Research
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Reliance Industries| 4QFY2013 Result Update
April 16, 2013 5
Segment-wise performance
Refining: During the quarter,crude processing stood at 16.1mn tonne (comparedto 16.3mn tonne in 4QFY2012), with its refinery reporting capacity utilization of
105%. The Refining segments revenues grew by 2.2% yoy to `77,872cr. The GRM
improved 32.9% yoy to US$10.1/bbl in 4QFY2013. The Refining segments EBIT
increased by 107.5% yoy to `3,520cr due to higher margins.
Exhibit 10:RILs GRM vs Benchmark Singapore GRM
-
2.0
4.0
6.0
8.0
10.0
12.0
3QFY10
4QFY10
1QFY11
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
(U
S$/bbl)
RIL GRMs Singapore GRMs
Source: Company, Angel Research
Exhibit 11: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
4QFY10
1QFY11
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
(mntonnes)
(%)
Capacity Util isation Crude Process ing (RHS)
Source: Company, Angel Research
Petrochemicals: During 4QFY2013, the Petrochemicals segments revenue grew by3.5% yoy to `22,158cr due to higher prices. However, the segments EBIT declined
by 12.8% yoy to `1,895cr due to lower margins in polyester fibre and yarn
products.
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Reliance Industries| 4QFY2013 Result Update
April 16, 2013 6
Oil and Gas: The Oil and Gas segments revenue decreased by 38.8% yoy to`1,597cr due to lower production from the KG-D6 block. Production from KG D6
declined to 19mmscmd in 4QFY2013 compared to 35mmscmd in 4QFY2012,
mainly due to reservoir complexity. Consequently, the segments EBIT decreased by51.6% yoy to `460cr, during the quarter.
Retail business turns EBITDA positive; Shale gas growth continues: The retailbusiness of RIL posted a turnover of `10,800cr in FY2013 and achieved breakeven
at the EBITDA level. It posted an EBITDA of `78cr in FY2013 compared to an
EBITDA loss of `342cr in FY2012. The shale gas business also reported a growth
in net revenue (+14.0% qoq) to US$193mn; its EBITDA grew 23.0% qoq to
US$155. The production of shale gas increased 12.0% qoq to 36.3bcf, during the
quarter.
Investment arguments
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, backed by a significant cash pile (`80,962cr as on December 31, 2012),
and treasury stocks. Initiatives, such as acquisition of shale gas assets, could prove
to be a potential trigger for the stock in the long term.
Declining KG-D6 production remains a key concern: RILs KG D6 production
has declined from 59mmscmd in 1QFY2011 to 19mmscmd in 4QFY2013. Going
forward, RIL has stated that additional investments are required to increase
production from KG D6. However, production is unlikely to increase during
FY2014-15, in our view. Also, as of now, there is no clarity on the quantum of hikein gas prices post April 2014.
7/28/2019 RIL, 4Q FY 2013
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Reliance Industries| 4QFY2013 Result Update
April 16, 2013 7
Outlook and valuation
RILs 4QFY2013 Refining segment profit increased sharply; however, its
Petrochemicals and Oil & Gas segments profitability continued to decline during
the quarter. Looking ahead, concerns of declining gas production from KG D6
block remain. Additional investments in the block are unlikely to boost production
in the near-term. Further, we expect Petrochemical and Refining segments
profitability growth to remain muted in FY2014. Hence, we maintain our Neutralview on the stock.Exhibit 12:SOTP valuation (FY2015E)Business segment `/shareRefining (EV/EBITDA 6.5x) 266
Petrochemical (EV/EBITDA 6.5x) 182
KG-D6 gas (DCF) 49KG-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 20
Retail 23
Investment/Others 104
Total EV 896Net debt
(67)Equity value (`) 829Source: Company, Angel Research
Exhibit 13:Angel EPS forecast vs consensusAngel forecast Bloomberg consensus Variation (%)
FY2014E 69.3 69.5 (0.3)FY2015E 78.0 77.58 0.5
Source: Company, Angel Research
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Reliance Industries| 4QFY2013 Result Update
April 16, 2013 8
Exhibit 14:Recommendation summaryCompany CMP TP Reco. Mcap Upside P/E (x) P/BV (x) EV/EBITDA (x) RoE (%) RoCE (%)
(`) (`) (` cr) (%) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15ERIL 805 - Neutral 2,59,778 - 11.6 10.3 1.2 1.0 6.9 5.5 11.5 11.7 8.5 9.4ONGC 332 354 Accum. 282,459 7 9.7 8.5 1.7 1.5 4.4 3.8 18.2 18.6 19.3 20.4
Cairn India 288 340 Buy 55,186 18 5.2 5.6 0.8 0.7 2.7 2.3 17.1 14.0 16.6 13.8GAIL 321 - Neutral 41,244 - 8.9 7.7 1.4 1.2 4.0 2.8 17.0 17.1 18.1 18.4
Source: Angel Research
Exhibit 15:One-year forward P/E
0
200
400
600
800
1,000
1,200
1,400
1,600
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
Apr-12
Jul-12
Oct-12
Jan-1
3
A
r-13
Sharepric
e(`)
7x 10x 13x 16x 19x
Source: Company, Angel Research
Exhibit 16:Premium/Discount in RIL (P/E) vs Sensex (P/E)
(40)(30)
(20)
(10)
0
10
20
30
40
50
Apr-07
Jun-0
7
Aug-0
7
Oct-07
Dec-0
7
Feb-0
8
Apr-08
Jun-0
8
Aug-0
8
Oct-08
Dec-0
8
Feb-0
9
Apr-09
Jun-0
9
Aug-0
9
Oct-09
Dec-0
9
Feb-1
0
Apr-10
Jun-1
0
Aug-1
0
Oct-10
Dec-1
0
Feb-1
1
Apr-11
Jun-1
1
Aug-1
1
Oct-11
Dec-1
1
Feb-1
2
Apr-12
Jun-1
2
Aug-1
2
Oct-12
Dec-1
2
Feb-1
3
Apr-13
(%)
Prem/Disc to Sensex Historic average dis c.
Source: Company, Angel Research
7/28/2019 RIL, 4Q FY 2013
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Reliance Industries| 4QFY2013 Result Update
April 16, 2013 9
Company background
RIL, one of India's largest listed companies, ranks amongst the biggest
petrochemical companies in Asia. The company is also the world's largest polyester
producer and has the world's largest refinery in Jamnagar. RIL operates in three
business segments - petrochemicals, refining, and oil & gas. During 2002, RIL
discovered huge natural gas reserves in KG D6 block of Andhra Pradesh. In
February 2011, RIL sold 30% stake in 23 oil & gas blocks to UK-based BP for
US$7.2bn.
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Reliance Industries| 4QFY2013 Result Update
April 16, 2013 10
Profit and loss (Consolidated)
Y/E March (` cr) FY2010 FY2011 FY2012 FY2013 FY2014E FY2015ETotal operating income 203,740 265,811 358,501 397,062 380,031 407,721% chg 34.7 30.5 34.9 10.8 (4.3) 7.3Total Expenditure 172,846 227,767 323,684 364,017 346,098 367,454
Net Raw Materials 147,065 197,392 288,956 321,825 305,983 324,864
Purchases of finished goods 7,538 7,032 9,235 10,425 9,912 10,523
Personnel 2,791 3,324 3,955 5,179 4,924 5,228
Other 15,452 20,019 21,538 26,588 25,279 26,839
EBITDA 30,894 38,044 34,817 33,045 33,934 40,266% chg 31.9 23.1 (8.5) (5.1) 2.7 18.7
(% of Net Sales) 15.2 14.3 9.7 8.3 8.9 9.9
Depreciation & Amortization 10,946 14,121 12,401 11,232 9,769 11,951
EBIT 19,948 23,923 22,416 21,813 24,165 28,316% chg 12.2 19.9 (6.3) (2.7) 10.8 17.2
(% of Net Sales) 9.8 9.0 6.3 5.5 6.4 6.9
Interest & other Charges 2,060 2,411 2,893 3,463 3,117 3,148
Other Income 2,185 2,543 6,124 7,800 8,346 7,929
(% of PBT) 7.6 10.6 24.2 29.8 28.4 24.0
Recurring PBT 20,074 24,055 25,647 26,150 29,394 33,097% chg 12.3 19.8 6.6 2.0 12.4 12.6
Extraordinary Income/Exp 8,606 (309) - - -
PBT (reported) 28,680 24,055 25,338 26,150 29,394 33,097Tax 4,256 4,783 5,691 5,331 6,761 7,612
(% of PBT) 17.4 24.8 29.0 21.0 23.0 23.0
PAT (reported) 24,424 19,272 19,647 20,819 22,633 25,484Share of (profit )/ loss to MI 80 - 67 44 44
PAT after MI (reported) 24,503 19,272 19,647 20,886 22,677 25,528Share of Loss trans. to MI 22 7 (7) ADJ. PAT(core) 15,897 19,294 19,963 20,879 22,677 25,528% chg 6.2 21.4 3.5 4.6 8.6 12.6
(% of Net Sales) 7.8 7.3 5.6 5.3 6.0 6.3
Basic EPS (`) 74.9 64.6 66.0 71.1 69.3 78.0Fully Diluted EPS ( ) 74.9 67.8 66.0 71.1 69.3 78.0% chg 67.8 (9.4) (2.8) 7.8 (2.6) 12.6
Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with
previous year numbers
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Reliance Industries| 4QFY2013 Result Update
April 16, 2013 11
Balance Sheet (Consolidated)
Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014E FY2015ESOURCES OF FUNDSEquity Share Capital 2,978 2,981 2,979 2,979 2,979 2,979Reserves& Surplus 138,598 151,112 166,466 184,597 204,251 226,161
Shareholders Funds 141,576 154,093 169,445 187,577 207,231 229,141Minority Interest - 802 799 799 799 799
Total Loans 64,606 79,988 82,635 75,390 70,390 67,390
Deferred Tax Liability 10,678 11,071 11,567 11,567 11,567 11,567
Long term provisions - 214 421 427 427 427
Total Liabilities 216,860 246,177 264,870 275,763 290,418 309,327APPLICATION OF FUNDSGross Block 224,125 238,293 233,475 252,153 272,325 294,111
Less: Acc. Depreciation 63,934 80,193 94,661 105,893 115,662 127,612
Net Block 160,191 158,100 138,814 146,260 156,663 166,499Intangible Assets under Dev. - 22,835 18,868 18,868 18,868 18,868Capital Work-in-Progress 17,034 5,339 6,495 15,172 16,512 20,500
Investments 13,112 21,596 38,598 38,598 38,598 38,598LT Loans and advances - 6,839 6,741 6,741 6,741 6,741Current Assets 69,106 92,808 117,677 121,635 127,845 137,319
Cash 13,891 30,139 40,731 41,171 50,414 54,958
Loans & Advances 10,647 5,891 9,754 9,754 9,754 9,754
Other 44,568 56,778 67,192 70,710 67,677 72,608
Current liabilities and provisions 3,695 3,695 3,695 3,695 3,695 3,695
Net Current Assets 26,520 31,466 55,353 50,123 53,034 58,120Mis. Exp. not written off 2 1 1 1 1 1
Total Assets 216,860 246,177 264,870 275,763 290,418 309,327
Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with
previous year numbers
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Reliance Industries| 4QFY2013 Result Update
April 16, 2013 12
Cash flow statement (Consolidated)
Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014E FY2015EProfit before tax 28,680 24,055 25,408 26,150 29,394 33,097
Depreciation 14,001 16,820 14,827 11,232 9,769 11,951Change in Working Capital (5,939) (13,501) (6,748) 5,670 6,332 (543)
Others (1,786) (1,722) (4,053) - - -
Less: Other income - - - (7,800) (8,346) (7,929)
Direct taxes paid (3,140) (4,243) (4,881) (5,331) (6,761) (7,612)
Cash Flow from Operations 31,815 33,338 24,483 29,921 30,388 28,964(Inc.)/ Dec. in Fixed Assets (23,017) (33,604) 6,936 (27,355) (21,512) (25,774)
(Inc.)/ Dec. in Investments 2,645 (8,102) (14,992) - - -
(Inc.)/ Dec. in loans and adv. (19) - 676 - - -
Other income - - 1,079 7,800 8,346 7,929
Others 2,160 9,666 - - - -
Cash Flow from Investing (18,231) (32,040) (6,301) (19,555) (13,166) (17,845)Issue of Equity 513 196 (185) - - -
Inc./(Dec.) in loans (5,822) 20,701 (1,048) (7,245) (5,000) (3,000)
Dividend Paid (Incl. Tax) (2,219) (2,431) (2,772) (2,681) (2,979) (3,575)
Others (14,907) (8,378) (3,585) - - -
Cash Flow from Financing (22,436) 14,950 (7,590) (9,926) (7,979) (6,575)Inc./(Dec.) in Cash (8,851) 16,248 10,592 440 9,243 4,544
Opening Cash balances 22,742 13,891 30,139 40,731 41,171 50,414Closing Cash balances 13,891 30,139 40,731 41,171 50,414 54,958
Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with
previous year numbers
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Reliance Industries| 4QFY2013 Result Update
April 16, 2013 13
Key ratios
Y/E March FY2010 FY2011 FY2012 FY2013E FY2014E FY2015EValuation Ratio (x)P/E (on FDEPS) 10.8 11.9 12.2 11.3 11.6 10.3P/CEPS 8.9 7.2 7.4 7.5 7.4 6.4
P/BV 1.7 1.6 1.4 1.3 1.2 1.0
Dividend yield (%) 0.9 1.1 1.1 1.1 1.2 1.4
EV/Sales 1.4 1.0 0.6 0.6 0.6 0.5
EV/EBITDA 9.3 7.3 6.6 7.4 6.9 5.5
EV/Total Assets 1.3 1.1 0.9 0.9 0.8 0.7
Per Share Data (`)EPS (Basic) 74.9 64.6 66.0 71.1 69.3 78.0
EPS (fully diluted) 74.9 67.8 66.0 71.1 69.3 78.0
Cash EPS 90.1 112.2 108.6 107.8 108.9 125.8
DPS 7.0 8.5 9.0 9.0 10.0 11.0
Book Value 475 517 569 630 696 769
Returns (%)RoCE (Pre-tax) 9.4 10.3 8.8 8.1 8.5 9.4
Angel RoIC (Pre-tax) 13.5 12.1 10.5 10.0 10.9 12.4
RoE 12.1 13.1 12.3 11.7 11.5 11.7
Turnover ratios (x)Asset Turnover (Gross Block) 1.1 1.1 1.5 1.6 1.4 1.4
Inventory / Sales (days) 48.8 48.6 44.0 48.0 51.1 48.3
Receivables (days) 13.4 14.4 13.6 14.7 15.3 14.5
Payables (days) 78.8 70.2 65.4 67.8 73.3 72.8
WC cycle (ex-cash) (days) 8.7 9.6 8.1 10.8 5.6 2.6
Solvency ratios (x)Net debt to equity 0.3 0.2 0.0 (0.0) (0.1) (0.1)
Net debt to EBITDA 1.2 0.7 0.1 (0.1) (0.5) (0.6)
Int. Coverage (EBIT/Int.) 9.7 9.9 7.7 6.3 7.8 9.0
Note: Some of the figures from FY2011 onwards are reclassified; hence some ratios may not be
comparable with previous year ratios
7/28/2019 RIL, 4Q FY 2013
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Reliance Industries| 4QFY2013 Result Update
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
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