RIL Q3FY19 Consolidated Estimates

By S P Tulsian
about 3 months ago
1

By S.P. Tulsian

Reliance Industries Ltd. (RIL) will declare its Q3FY19 results (quarter ended 31st December, 2018) on Thursday, 17th January, 2019. Our estimates, on consolidated basis, are as under:

(Rs./Crore)

Particulars

Q3FY19E

(Estimates for Qtr

ending 31-12-18)

Q2FY19A

(Actuals for Qtr

ending 30-09-18)

Segment Revenue

 

 

  1. Petrochem

39,190

43,745

  1. Refinery

88,030

98,760

  1. Oil & Gas

1,160

1,322

  1. Organised Retail

33,950

32,436

  1. Digital Service

12,140

10,942

  1. Others

5,300

5,537

Gross Turnover

1,79,770

1,92,742

Less: Inter Segment

(-) 32,070

(-) 36,451

 

1,47,700

1,56,291

Less: GST Recovered

(-) 9,960

(-) 10,273

Net Turnover

1,37,740

1,46,018

 

 

 

EBIT Margins

 

 

1. Petrochem (19.36%)

7,590

8,120

2. Refinery (4.86%)

4,280

5,322

3. Oil & Gas

(-) 545

(-) 480

4. Organised Retail (4.01%)

1,360

1,244

5. Digital Services (18.37%)

2,230

2,042

6. Others

370

314

PBIT

15,285

16,562

Less: Interest Expenses

(-) 3,985

(-) 3,932

Add: Interest Income

1,270

1,203

Add: Other Unallocated Income

(-) 290

(-) 635

PBT

12,280

13,198

Less: Provision for Tax @ 22%

(-) 2,700

(-) 2,917

Less: Deferred Tax

(-) 605

(-) 732

Profit After Tax

8,975

9,549

EPS

2215115.15.

16.10

Key Assumptions:

  1. GRM for Q3 is seen at $8.40 per barrel, against $9.50 per barrel of Q2FY19, after adjusting for inventory loss. Brent fell by about 11% QoQ to an average of $67.50 per barrel, in Q3, while it was ruling at around $53 on 31.12.2018.
  2. Singapore benchmark is seen at $4.3 for Q3, which was at $6.1 in Q2FY19.                  
  3. Crude Refined volume is estimated at 17.3 MMT and Petchem volume estimated at 9.4 MMT.
  4. Jio subscribers estimated at 285 million. Retail area estimated at 19.90 million sq.ft.

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