RIL Q2FY19 Consolidated Estimates

By S P Tulsian
about 7 months ago
1

By S.P. Tulsian

 

Reliance Industries Ltd. (RIL) will declare its Q2 FY19 results (quarter ended 30th September, 2018), on Wednesday, 17th October, 2018. Our estimates, on a consolidated basis, are as under:

(Rs./Crore)

Particulars

Q2FY19E

(Estimates for Qtr ending 30-09-18)

Q1FY19A

(Actuals for Qtr ending 30-06-18)

Segment Revenue

 

 

  • Petrochem

41,070

40,287

  • Refinery

98,640

95,646

  • Oil & Gas

1,410

1,432

  • Organised Retail

26,930

25,890

  • Digital Service

10,720

9,653

  • Others

3,030

2,968

Gross Turnover

1,81,800

1,75,876

Less: Inter Segment

(-) 35,200

(-) 34,177

 

1,46,600

1,41,699

Less: GST Recovered

(-) 8,890

(-) 8,630

Net Turnover

1,37,710

1,33,069

 

 

 

EBIT Margins

 

 

  • Petrochem (19.80%)

8,130

7,857

  • Refinery (5.57%)

5,490

5,315

  • Oil & Gas

(-) 410

(-) 447

  • Organised Retail (4.05%)

1,090

1,069

  • Digital Services (17.10%)

1,830

1,715

  • Others

360

396

EBIT

16,490

15,905

Less: Interest Expenses

(-) 3,760

(-) 3,550

Add: Interest Income

1,280

1,366

Add: Other Unallocated Income

130

5

PBT

14,140

13,726

Less: Provision for Tax @ 21.90%

(-) 3,090

(-) 3,007

Less: Deferred Tax

(-) 1,390

(-) 1,234

Profit After Tax

9,660

9,484

EPS

216.20

15.97

Key Assumptions:

  1. GRM for Q2 is seen at $10.60 per barrel, against $10.50 per barrel of Q1FY19, after adjusting for net inventory gain of $0.20, as Crude has risen by about 1.3% on an average, to $75.5/ Barrel in the September quarter.
  2. Singapore benchmark is seen at $6.1 for Q2, which was at $6.1 in Q1FY19.                  
  3. Crude Refined volume is estimated at 16.9 MMT and Petchem volume estimated at 9.3 MMT.
  4. Jio Subscribers estimated at 248 million. Retail area estimated at 19.5 million sq.ft.

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