RIL Q3 FY16 Estimates
By S.P. Tulsian
Reliance Industries Ltd. (RIL) will declare its Q3 FY16 (quarter ended 31th December, 2015) results on 19th January, 2016.
Our estimates on consolidated basis are as under:
(Rs./Crore)
| Particulars | Q3 ending 31-12-15 | Q2 ending 30-09-15 |
| Segment Revenue |
|
|
| 1. Petrochem | 19,890 | 21,239 |
| 2. Refinery | 55,480 | 60,768 |
| 3. Oil & Gas | 1,790 | 2,067 |
| 4. Organised Retail | 5,230 | 5,091 |
| 5. Others | 2,450 | 2,866 |
| Gross Turnover | 84,840 | 92,031 |
| Less: Inter Segment | 15,940 | 16,914 |
|
| 68,900 | 75,117 |
| Less: Excise Duty | 3,970 | 4,216 |
| Net Turnover | 64,930 | 70,901 |
|
|
|
|
| EBIT Margins |
|
|
| 1. Petrochem (12.37%) | 2,460 | 2,531 |
| 2. Refinery (10.40%) | 5,770 | 5,461 |
| 3. Oil & Gas (10.60%) | 190 | 242 |
| 4. Organised Retail (2.58%) | 135 | 117 |
| 5. Others | 180 | 228 |
| PBIT | 8,735 | 8,579 |
| Less: Interest Expenses | -1,030 | -972 |
| Add: Interest Income | 820 | 776 |
| Add: Other Unallocated Income | 135 | 110 |
| PBT | 8,660 | 8,493 |
| Less: Provision for Tax @21% | -1,820 | -1,787 |
| Less: Deferred Tax | -5 | 3 |
| Profit After Tax | 6,835 | 6,709 |
| EPS | 21.10 | 20.72 |
*Figures in brackets indicates % margin for Q3FY16.
Notes:
1. GRM for Q3 is seen at $ 11.20 per barrel, as against $10.60 per barrel of Q2, due to expected inventory loss of Rs. 220 crores likely in Q3.
2. Singapore benchmark was seen at $ 8 for Q3, which was at $ 6.3 in Q2FY16.
3. EPS is calculated on the equity base of Rs. 3,238 crores, and not on reduced equity, as being shown by the company in its consolidated results.
4. Company paid Advance Tax of Rs. 1,060 crores on 15.06.15, Rs. 1,670 crores on 15.09.15 and Rs. 2,350 crores on 15.12.15 (total Rs. 5,080 crores), which is 75% of its estimated tax liability for FY16, net off TDS, which is estimated at Rs. 300 crores.