First Cut-RIL
RAJESH DESAI
Dear Sir/Madam,
Reliance Industries Limited(RIL) announced its Q2’13 results on October 15, 2012.
RIL reported a net sales of INR90335cr which expanded by ~15% on YoY basis while its PAT stood at INR5376 cr which is up by staggering ~20% on QoQ basis. RIL’s GRM came at $9.50/bbl vs $7.60/bbl QoQ. Shale gas business contributed to $198mn to EBITDA. Petchem revenue came at 7.88% vs 8% QoQ. Management opines that their H1 performances been satisfactory despite weak global economic condition.
A snapshot of the RIL’s quarterly as well as half yearly performance on standalone basis are as follows:
|
RELIANCE INDUSTRIES LIMITED | ||||||||
|
STANDALONE |
STANDALONE | |||||||
|
Description |
Q2'13 |
Q1'13 |
Q2'12 |
QoQ(%) |
YoY(%) |
H1FY'13 |
H1FY'12 |
Var(%) |
|
Total Income |
90335 |
91875 |
78,569.00 |
-1.68% |
14.98% |
182210 |
159587 |
14% |
|
Total Expenditure |
82630 |
85128 |
68,725.00 |
|
|
167758 |
139817 |
|
|
PBIDT(ExclOI) |
7705 |
6747 |
9,844.00 |
14.20% |
-21.73% |
14452 | 19770 | -27% |
|
EBITDA margins |
8.53% |
7.34% |
12.53% |
119bps |
(400)bps |
7.93% |
12.39% |
446bps |
|
Other Income |
2112 |
1904 |
1,102.00 |
|
|
4016 |
2180 |
|
|
Operating Profit |
9817 |
8651 |
10,946.00 |
|
|
18468 |
21950 |
|
|
Interest |
737 |
784 |
660 |
|
|
1521 |
1205 |
|
|
Exceptional Items |
- |
- |
- |
|
|
|
|
|
|
PBDT |
9080 |
7867 |
10,286.00 |
|
|
16947 |
20745 |
|
|
Depreciation |
2277 |
2434 |
2,969.00 |
|
|
4711 |
6164 |
|
|
PBT |
6803 |
5433 |
7,317.00 |
|
|
12236 | 14581 |
|
Tax | 1427 |
960 |
1,614.00 |
|
|
2387 |
3217 |
|
|
Profit After Tax |
5376 |
4473 |
5,703.00 |
20.19% |
-5.73% |
9849 |
11364 |
-13.33 |
|
PAT margins |
5.95% |
4.87% |
7.26% |
108bps |
(131)bps |
5.41% |
7.12% |
(171)bps |
|
Equity Capital |
3236 |
3242 |
3,274.00 |
|
|
3236 |
3,274.00 |
|
|
Face Value(InRs) |
10 |
10 |
10.00 |
|
|
10 |
10 |
|
|
EPS |
16.6 |
13.79 |
17.40 |
20.38% |
4.82% |
30.3 |
34.7 |
-12.68% |
|
Figures in INR Crore.EPS represents Diluted EPS |
|
|
| |||||
*Buyback worth INR2796cr so far made by Reliance Industries Ltd.
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
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--
CA. Rajesh Desai