RIL Q2FY20 ESTIMATES

By S P Tulsian
about 1 month ago
1

Reliance Industries Ltd. (RIL) will declare its Q2 FY20 results (quarter ended 30th September, 2019), on Friday, 18th October, 2019. Our estimates, on consolidated basis are as under:

(Rs./Crore)

Sr. No.

Particulars

Q2FY20E

(Estimates for Qtr

ending 30-9-19)

Q1FY20A

(Actuals for Qtr

ending 30-6-19)

1)

Segment Revenue

 

 

 

  • Petrochem

40,630

37,611

 

  • Refinery

93,590

1,01,721

 

  • Oil & Gas

830

923

 

  • Organised Retail

39,340

38,196

 

  • Digital Service

15,510

14,910

 

  • Others

9,920

10,787

 

Gross Turnover

1,99,820

2,04,148

 

Less: Inter Segment

(-) 32,110

(-) 31,192

 

 

1,67,710

1,72,956

 

Less: GST Recovered

(-) 12,330

(-) 11,607

 

Net Turnover

1,55,380

1,61,349

2)

Segment EBITDA

 

 

 

  • Petrochem (22.90%)

9,310

8,810

 

  • Refinery (7.90%)

7,390

5,152

 

  • Oil & Gas (21%)

175

207

 

  • Organised Retail (5.37%)

2,110

2,049

 

  • Digital Service (33.10%)

5,130

4,908

 

  • Others

870

887

 

EBITDA

24,985

22,013

3)

Segment EBIT

 

 

 

  • Petrochem (19.60%)

7,960

7,508

 

  • Refinery (7.14%)

6,680

4,508

 

  • Oil & Gas

(-) 290

(-) 249

 

  • Organised Retail (4.68%)

1,840

1,777

 

  • Digital Service (20.78%)

3,220

3,080

 

  • Others

460

483

 

EBIT

19,870

17,107

 

Less: Interest Expenses

(-) 5,330

(-) 5,109

 

Add: Interest Income

1,360

2,497

 

Add: Other Unallocated Income

90

(-) 129

4)

PBT

15,990

14,366

 

Less: Provision for Tax @ 21.5%

(-) 3,440

(-) 3,193

 

Less: Deferred Tax

(-) 980

(-) 1,032

5)

Profit After Tax

11,570

10,141

 

EPS

2215119.50.

17.05

 

Key Assumptions:

    1. GRM for Q2 is seen at $10.80 per barrel, against $8.10 per barrel of Q1FY20, after adjusting for inventory loss.
    2. Singapore benchmark is seen at $6.55 for Q2FY20, which was at $3.5 in Q1FY20.                  
    3. Brent Crude average ruled at $ 62 in Q2 against $68.5 QoQ.
    4. Crude Refined volume is estimated at 17.6 MMT and Petchem volume is estimated at 9.6 MMT.
    5. Jio subscribers estimated at 354 million. Retail area estimated at 23.5 million sq. ft.
    6. Assumed that company will continue under the existing tax structure and not avail the new all-inclusive corporate tax rate of 25.17%.
    7. US Dollar considered at Rs.70.30 against Rs.69.60 QoQ.

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