Reliance Industries, 1Q FY 2014
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Transcript of Reliance Industries, 1Q FY 2014
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7/27/2019 Reliance Industries, 1Q FY 2014
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Please refer to important disclosures at the end of this report 1
Quarterly highlights - StandaloneY/E March (` cr) 1QFY2014 1QFY2013 % chg (yoy) 4QFY2013 % chg (qoq)Net operating income 87,645 91,875 (4.6) 84,198 4.1EBITDA 7,075 6,747 4.9 7,825 (9.6)
EBITDA margin (%) 8.1 7.3 73bp 9.3 (122)bp
PAT 5,352 4,503 18.9 5,589 (4.2)Source: Company, Angel Research
For 1QFY2014, Reliance Industries (RIL) reported an in-line PAT performance.
We maintain our Neutral view on the stock.Refining and Oil & Gas segment drags top-line: RILs 1QFY2014 net salesdeclined by 4.6% yoy to `87,645cr, although it was above our estimate of
`82,561cr. The decline in net sales was mainly led by lower Refining segment
sales (-4.6% yoy to `81,458) and lower Oil & Gas segment sales (-42.0% yoy to
`1,454cr). The companys KG-D6 gas production fell to 15mmscmd compared to
33mmscmd in 1QFY2013.
EBITDA rises by 4.9% yoy: RILs EBITDA, however, increased by 4.9% yoy to`7,075cr, on account of higher profits from the Refining and Marketing segment.
The Refining segments EBIT grew by 38.5% yoy to `2,951cr. The companys
GRM stood at US$8.4/bbl in 1QFY2014 compared to US$7.6/bbl in 1QFY2013.Lower depreciation and higher other income boosts PAT: During the quarter,the depreciation (including depletion) expense declined by 12.2% yoy to `2,138cr
due to lower oil and gas production. Other income grew by 33.1% yoy to
`2,535cr. Hence, PAT increased by 18.9% yoy to `5,352cr (in-line with our
estimate of `5,392cr).
Outlook and valuation: For 1QFY2014, RILs Refining segments profit increasedsharply; however, its Oil & Gas segments profitability continued to decline.
Looking ahead, concerns with regards low gas production from the KG D6 block
continue to persist. Hence, we do not expect any significant impact on RILs
profitability due to gas price hike over FY2014-15. Hence, we maintain ourNeutral view on the stock.Key financials (Consolidated)Y/E March (` cr) FY2012 FY2013 FY2014E FY2014ENet sales 358,501 397,062 397,546 421,695% chg 34.9 10.8 0.1 6.1
Net profit 19,963 20,879 23,668 25,137% chg 3.5 4.6 13.4 6.2
EPS (`) 66.0 71.1 72.3 76.8EBITDA margin (%) 9.7 8.3 8.9 8.7
P/E (x) 14.0 13.0 12.8 12.0
RoE (%) 12.3 11.9 12.3 11.8
RoCE (%) 8.8 7.9 8.7 8.5
P/BV (x) 1.6 1.5 1.3 1.2
EV/ Sales (x) 0.7 0.7 0.7 0.6
EV/ EBITDA (x) 7.6 8.4 7.6 7.2
Source: Company, Angel Research
NEUTRALCMP `923
Target Price -
Investment Period -
Stock Info
Sector
Net Debt (`cr) (3,982)
Bloomberg Code
Shareholding Pattern (%)
Promoters 45.3
MF / Banks / Indian Fls 11.5
FII / NRIs / OCBs 21.5Indian Public / Others 21.7
Abs. (%) 3m 1yr 3yr
Sensex 6.0 16.6 12.4
RIL 18.1 26.8 (12.6)
10
20,150
6,029
RELI.BO
RIL@IN
298,136
1.2
955/707
450,330
Oil & Gas
Avg. Daily Volume
Market Cap (`cr)
Beta
52 Week High / Low
Face Value (`)
BSE Sensex
Nifty
Reuters Code
Bhavesh ChauhanTel: 022- 39357800 Ext: 6821
Vinay RachhTel: 022- 39357800 Ext: 6841
Reliance IndustriesPerformance Highlights
1QFY2014 Result Update | Oil & Gas
July 19, 2013
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Reliance Industries| 1QFY2014 Result Update
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Exhibit 1:1QFY2014 Performance (Standalone)Y/E March (` cr) 1QFY2014 1QFY2013 % chg (yoy) 4QFY2013 % chg (qoq) FY2013 FY2012 % chg (yoy)Net Operating Income 87,645 91,875 (4.6) 84,198 4.1 360,297 329,904 9.2COGS 73,729 79,335 (7.1) 70,982 3.9 306,127 274,814 11.4
Total operating expenditure 80,570 85,128 (5.4) 76,373 5.5 329,510 296,285 11.2
EBITDA 7,075 6,747 4.9 7,825 (9.6) 30,787 33,619 (8.4)EBITDA Margin (%) 8.1 7.3 9.3 8.5 10.2
Other Income 2,535 1,904 33.1 2,243 13.0 7,998 6,192 29.2
Depreciation 2,138 2,434 (12.2) 2,239 (4.5) 9,465 11,394 (16.9)
Interest 810 784 3.3 709 14.2 3,036 2,667 13.8
Extraordinary Items - - - - -
PBT 6,662 5,433 22.6 7,120 (6.4) 26,284 25,750 2.1PBT Margin (%) 7.6 5.9 8.5 7.3 7.8
Total Tax 1,310 960 36.5 1,531 (14.4) 5,281 5,710 (7.5)% of PBT 19.7 17.7 21.5 20.1 22.2
PAT 5,352 4,503 18.9 5,589 (4.2) 21,003 20,040 4.8Exceptional items - - - - -
Adj. PAT 5,352 4,503 18.9 5,589 (4.2) 21,003 20,040 4.8PAT Margin (%) 6.1 4.9 6.6 5.8 6.1
Source: Company, Angel Research
Exhibit 2:Segmental break-up (Standalone)(` cr) 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14RevenuesPetrochemicals 19,781 21,412 21,839 22,058 22,053 22,158 21,950
Refining & Marketing 76,738 76,211 85,383 83,878 86,641 77,872 81,458
Oil & Gas 2,832 2,609 2,508 2,254 1,921 1,597 1,454
Others 208 260 248 169 176 359 616
Gross Revenue 99,559 100,492 109,978 108,359 110,791 101,986 105,478EBITPetrochemicals 2,157 2,174 1,756 1,740 1,937 1,895 1,888
Refining & Marketing 1,685 1,696 2,151 3,523 3,615 3,520 2,951
Oil & Gas 1,294 951 972 866 590 460 352
Others 9 9 1 71 77 48 84
Total EBIT 5,145 4,830 4,880 6,200 6,219 5,923 5,275EBIT Margin (%)Petrochemicals 10.9 10.2 8.0 7.9 8.8 8.6 8.6
Refining & Marketing 2.2 2.2 2.5 4.2 4.2 4.5 3.6
Oil & Gas 45.7 36.5 38.8 38.4 30.7 28.8 24.2
Others 4.3 3.5 0.4 42.0 43.8 13.4 13.6
Total 5.2 4.8 4.4 5.7 5.6 5.8 5.0
Source: Company, Angel Research
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Exhibit 3:1QFY2014 actual vs estimates(` cr) Estimates Actual Variation (%)Net sales 82,561 87,645 6.2EBITDA 7,364 7,075 (3.9)EBITDA margin (%) 8.9 8.1 0.8
Adj. PAT 5,392 5,352 (0.7)
Source: Company, Angel Research
Refining and Oil & Gas segment drags top-lineRILs 1QFY2014 net sales declined by 4.6% yoy to `87,645cr, although it was
above our estimate of `82,561cr. The decline in net sales was mainly led by lower
Refining segment sales (-4.6% yoy to `81,458) and lower Oil & Gas segment sales
(-42.0% yoy to `1,454cr). RILs KG-D6 gas production fell to 15mmscmd
compared to 33mmscmd in 1QFY2013.
Exhibit 4:Sales growth trend
85,135 85,182
91,87590,336
93,886
84,198
87,645
42.4
17.213.4 15.0
10.3
(1.2) (4.6)
(10.0)
-
10.0
20.0
30.0
40.0
50.0
55,00058,00061,00064,000
67,00070,00073,00076,00079,00082,00085,00088,00091,00094,00097,000
3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14
(%)
(`cr)
Net sales Net sales growth (RHS)
Source: Company, Angel Research
Exhibit 5:KG D6 production continued to slide45
41
35 33
29
24
19
15
0
5
10
15
20
25
30
3540
45
50
2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14
(mmscm
d)
Source: Company, Angel Research
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EBITDA rises by 4.9% yoyRILs EBITDA, however, increased by 4.9% yoy to `7,075cr, on account of higher
profits from the Refining and Marketing segment. The Refining segments EBIT
grew by 38.5% yoy to `2,951cr. RILs GRM stood at US$8.4/bbl in 1QFY2014
compared to US$7.6/bbl in 1QFY2013.
Exhibit 6:Segmental EBIT Performance
0%
20%
40%
60%
80%
100%
3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14
Petrochemicals Refining Oil and gas Others
Source: Company, Angel Research
Exhibit 7:Operating profit trend7,285
6,5636,747
7,7778,373
7,8257,075
8.6
7.7
7.3
8.6
8.9 9.3
8.1
6.0
8.0
10.0
12.0
14.0
16.0
18.0
-
2,000
4,000
6,000
8,000
10,000
3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14
(%)
(`cr)
Operating Profit Operating Margins (RHS )
Source: Company, Angel Research
Lower depreciation and higher other income boost PATDuring the quarter, the depreciation (including depletion) expense declined by
12.2% yoy to `2,138cr due to lower oil and gas production. Other income grew by
33.1% yoy to `2,535cr. Hence, the companys PAT increased by 18.9% yoy to
`5,352cr (in-line with our estimate of `5,392cr).
Exhibit 8:Other income growth trend
29.9
42.3
35.0
30.925.4
31.5
38.1
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
-
500
1,000
1,500
2,000
2,500
3,000
3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14
(%)
(`cr)
Othe r income Othe r inc. as a % of PBT (RHS)
Source: Company, Angel Research
Exhibit 9:PAT growth trend
4,4404,236 4,503
5,4095,502 5,589 5,352
(13.6)
(21.2)
(20.5)
(5.2)
23.9
31.918.9
(30.0)
(20.0)
(10.0)
0.0
10.0
20.0
30.0
40.0
-
1,000
2,000
3,000
4,000
5,000
6,000
3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14
(%)
(`cr)
PAT PAT growth (RHS)
Source: Company, Angel Research
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Segment-wise performance
Refining: During the quarter,crude processing stood at 17.1mn tonne (comparedto 17.3mn tonne in 1QFY2013), with its refinery reporting capacity utilization of
110%. The Refining segments revenue declined by 4.6% yoy to `81,458cr. The
GRM improved to US$8.4/bbl in 1QFY2014, compared to US$7.6/bbl in
1QFY2013. The Refining segments EBIT increased by 38.5% yoy to `2,951cr due
to higher margins.
Exhibit 10:RILs GRM vs Benchmark Singapore GRM
-
2.0
4.0
6.0
8.0
10.0
12.0
4QFY10
1QFY11
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
1QFY14
(US$
/bbl)
RIL GRM Singapore GRM
Source: Company, Angel Research
Exhibit 11:Capacity utilization trend
7.0
9.0
11.0
13.0
15.0
17.0
20.0
40.0
60.0
80.0
100.0
120.0
1QFY11
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
1QFY14
(mn
tonnes
)
(%)
Capacity util ization Crude processing (RHS)
Source: Company, Angel Research
Petrochemicals: During 1QFY2014, the Petrochemicals segments revenue growthwas flat yoy at `21,950cr. However, the segments EBIT grew by 7.5% yoy to
`1,888cr on account of improvement in the ethylene chain margins.
Oil and Gas: The Oil and Gas segments revenue decreased by 42.0% yoy to`1,454cr due to lower production from the KG-D6 block. Production from KG D6
declined to 15mmscmd in 1QFY2014 compared to 33mmscmd in 1QFY2013,
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Reliance Industries| 1QFY2014 Result Update
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mainly due to reservoir complexity. Consequently, the segments EBIT decreased by
63.8% yoy to `352cr, during the quarter.
Investment arguments
Foray into newer businesses: RIL has been eyeing inorganic routes for
diversifying its asset portfolio by entering into newer ventures, such as retail and
telecom, backed by a significant cash pile (`93,066cr as on June 30, 2013), and
treasury stocks. Initiatives, such as acquisition of shale gas assets, could prove to
be a potential trigger for the stock in the long term.
Declining KG-D6 production remains a key concern: RILs KG D6 production
has declined from 59mmscmd in 1QFY2011 to 15mmscmd in 1QFY2014. Going
forward, RIL has stated that additional investments are required to increase
production from KG D6. However, production is unlikely to increase during
FY2014-15, in our view.
Higher gas price positive for RIL, albeit in the long-term: During June 2013,
the Cabinet Committee of Economic Affairs (CCEA) announced to raise gas price
based on Rangarajan Committee report (likely to double to US$8.4/mmbtu
effective April 1, 2014) for a period of five years. RIL is likely to be a key
beneficiary of the increase in gas price. However, given the decline in production
from the KG D6 block, higher gas price realizations are unlikely to result in
meaningful improvement in profitability during FY2014-15.
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Reliance Industries| 1QFY2014 Result Update
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Outlook and valuation
For 1QFY2014, RILs Refining segments profit increased sharply; however, its Oil
& Gas segments profitability continued to decline. Looking ahead, concerns with
regards low gas production from the KG D6 block continue to persist. Hence, we
do not expect any meaningful impact on RILs profitability due to gas price hike
over FY2014-15. Hence, we maintain our Neutral view on the stock.Exhibit 12:SOTP valuation (FY2015E)Business segment `/shareRefining (EV/EBITDA 6.5x) 330
Petrochemical (EV/EBITDA 6.5x) 231
KG-D6 gas (DCF) 60
KG-MA oil (DCF) 45
NEC-25 (EV/boe 4.5x) 54D3 (EV/boe 4.5x) 60
D9 (EV/boe 4.5x) 35
Shale gas ventures (EV/boe 3.0x) 60
Other prospective basins 20
Retail 23
Investment/Others 117
Total EV 1,034Net debt (85)
Equity value (`) 949Source: Company, Angel Research
Exhibit 13:Angel EPS forecast vs consensusAngel forecast Bloomberg consensus Variation (%)
FY2014E 72.3 70.6 2.5FY2015E 76.8 78.7 (2.4)
Source: Company, Angel Research
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Exhibit 14:Recommendation summaryCompany CMP TP Reco. Mcap Upside P/E (x) P/BV (x) EV/EBITDA (x) RoE (%) RoCE (%)
(`) (`) (` cr) (%) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15ERIL 923 - Neutral 298,136 - 12.8 12.0 1.3 1.2 7.6 7.2 12.3 11.8 8.7 8.5ONGC 316 387 Buy 266,974 22 9.1 7.5 1.6 1.4 3.9 2.9 18.3 19.4 19.0 21.1
Cairn India 308 345 Accum. 59,132 12 5.8 6.2 1.0 0.9 3.5 3.2 19.6 15.8 18.7 15.3GAIL 333 - Neutral 41,529 - 9.8 9.3 1.5 1.3 4.5 3.9 16.4 15.2 17.4 16.2
Source: Angel Research
Exhibit 15:One-year forward P/E
0
200
400
600
8001,000
1,200
1,400
1,600
Jul-08
Oc
t-08
Jan-0
9
Apr-
09
Jul-09
Oc
t-09
Jan-1
0
Apr-
10
Jul-10
Oc
t-10
Jan-1
1
Apr-
11
Jul-11
Oc
t-11
Jan-1
2
Apr-
12
Jul-12
Oc
t-12
Jan-1
3
Apr-
13
Jul-13
Sharepric
e(`)
7x 10x 13x 16x 19x
Source: Company, Angel Research
Exhibit 16:Premium/Discount in RIL (P/E) vs Sensex (P/E)
(40)
(30)
(20)
(10)
0
10
20
30
40
50
Apr-
09
Jun-0
9
Aug-0
9
Oc
t-09
Dec-0
9
Fe
b-1
0
Apr-
10
Jun-1
0
Aug-1
0
Oc
t-10
Dec-1
0
Fe
b-1
1
Apr-
11
Jun-1
1
Aug-1
1
Oc
t-11
Dec-1
1
Fe
b-1
2
Apr-
12
Jun-1
2
Aug-1
2
Oc
t-12
Dec-1
2
Fe
b-1
3
Apr-
13
Jun-1
3
(%)
Prem/Disc to Sensex Historic average disc.
Source: Company, Angel Research
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Company background
RIL, one of India's largest listed companies, ranks amongst the biggest
petrochemical companies in Asia. RIL operates in three business segments -
Petrochemicals, Refining, and Oil & Gas. The company is the world's largest
polyester producer; plus it has the world's largest refinery in Jamnagar. During
2002, RIL discovered huge natural gas reserves in KG D6 block of Andhra
Pradesh. In February 2011, RIL sold 30% stake in 23 oil & gas blocks to UK-based
BP for US$7.2bn.
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Profit and loss (Consolidated)
Y/E March (` cr) FY2010 FY2011 FY2012 FY2013 FY2014E FY2015ETotal operating income 203,740 265,811 358,501 397,062 397,546 421,695% chg 34.7 30.5 34.9 10.8 0.1 6.1Total Expenditure 172,846 227,767 323,684 364,017 362,314 385,092
Net Raw Materials 147,065 197,392 288,956 321,825 320,319 340,458
Purchases of finished goods 7,538 7,032 9,235 10,425 10,376 11,029
Personnel 2,791 3,324 3,955 5,179 5,516 5,862
Other 15,452 20,019 21,538 26,588 26,464 28,127
EBITDA 30,894 38,044 34,817 33,045 35,232 36,602% chg 31.9 23.1 (8.5) (5.1) 6.6 3.9
(% of Net Sales) 15.2 14.3 9.7 8.3 8.9 8.7
Depreciation & Amortization 10,946 14,121 12,401 11,232 9,769 9,902
EBIT 19,948 23,923 22,416 21,813 25,464 26,701% chg 12.2 19.9 (6.3) (2.7) 16.7 4.9
(% of Net Sales) 9.8 9.0 6.3 5.5 6.4 6.3
Interest & other Charges 2,060 2,411 2,893 3,463 3,290 3,054
Other Income 2,185 2,543 6,124 7,800 8,112 8,518
(% of PBT) 7.6 10.6 24.2 29.8 26.8 26.5
Recurring PBT 20,074 24,055 25,647 26,150 30,286 32,164% chg 12.3 19.8 6.6 2.0 15.8 6.2
Extraordinary Income/Exp 8,606 (309) - - -
PBT (reported) 28,680 24,055 25,338 26,150 30,286 32,164Tax 4,256 4,783 5,691 5,331 6,663 7,076
(% of PBT) 17.4 24.8 29.0 21.0 22.0 22.0
PAT (reported) 24,424 19,272 19,647 20,819 23,623 25,088Share of (profit )/ loss to MI 80 - 67 45 49
PAT after MI (reported) 24,503 19,272 19,647 20,886 23,668 25,137Share of Loss trans. to MI 22 7 (7)ADJ. PAT(core) 15,897 19,294 19,963 20,879 23,668 25,137% chg 6.2 21.4 3.5 4.6 13.4 6.2
(% of Net Sales) 7.8 7.3 5.6 5.3 6.0 6.0
Basic EPS (`) 74.9 64.6 66.0 71.1 72.3 76.8Fully Diluted EPS ( ) 74.9 67.8 66.0 71.1 72.3 76.8% chg 67.8 (9.4) (2.8) 7.8 1.7 6.2
Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with
previous year numbers
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Balance Sheet (Consolidated)
Y/E March (` cr) FY2010 FY2011 FY2012 FY2013 FY2014E FY2015ESOURCES OF FUNDSEquity Share Capital 2,978 2,981 2,979 2,936 2,936 2,936Reserves& Surplus 138,598 151,112 166,466 179,094 199,781 221,345
Shareholders Funds 141,576 154,093 169,445 182,030 202,717 224,281Minority Interest 802 799 949 949 949
Total Loans 64,606 79,988 82,635 89,322 88,322 85,322
Deferred Tax Liability 10,678 11,071 11,567 11,588 11,588 11,588
Long term provisions 214 421 531 531 531
Total Liabilities 216,860 246,177 264,867 284,445 304,132 322,696APPLICATION OF FUNDSGross Block 224,125 238,293 233,475 240,971 260,249 281,069
Less: Acc. Depreciation 63,934 80,193 94,661 107,484 117,253 127,155
Net Block 160,191 158,100 138,814 133,487 142,996 153,914Intangible Assets under Dev. 22,835 18,868 32,761 32,761 32,761
Capital Work-in-Progress 17,034 5,339 6,495 17,191 19,500 20,500
Investments 13,112 21,596 38,596 42,848 42,848 42,848LT Loans and advances 6,839 6,741 9,025 9,025 9,025Current Assets 69,106 92,808 117,676 127,045 136,007 147,334
Cash 13,891 30,139 40,731 50,456 52,973 60,000
Loans & Advances 10,647 5,891 9,754 10,455 10,455 10,455
Other 44,568 56,778 3,560 1,783 1,783 1,783
Current liabilities and provisions 42,586 61,342 62,323 77,912 79,005 83,686
Net Current Assets 26,520 31,466 55,353 49,133 57,002 63,649Mis. Exp. not written off 2 1 - - - -
Total Assets 216,860 246,176 264,867 284,445 304,132 322,696
Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with
previous year numbers
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Cash flow statement (Consolidated)
Y/E March (` cr) FY2010 FY2011 FY2012 FY2013 FY2014E FY2015EProfit before tax 28,680 24,055 25,408 26,217 30,286 32,164
Depreciation 14,001 16,820 14,827 13,393 9,769 9,902Change in Working Capital (5,939) (13,501) (6,748) 7,372 (5,352) 380
Others (1,786) (1,722) (4,053) (5,240) (8,112) (8,518)
Less: Other income - - - - - -
Direct taxes paid (3,140) (4,243) (4,881) (4,824) (6,663) (7,076)
Cash Flow from Operations 31,815 33,338 24,483 36,918 19,928 26,852(Inc.)/ Dec. in Fixed Assets (23,017) (33,604) 6,936 (28,588) (21,587) (21,820)
(Inc.)/ Dec. in Investments 2,645 (8,102) (14,992) (2,724) - -
(Inc.)/ Dec. in loans and adv. (19) - 676 (2,610) - -
Other income - - 1,079 6,272 8,112 8,518
Others 2,160 9,666 - - - -
Cash Flow from Investing (18,231) (32,040) (6,301) (27,650) (13,475) (13,302)Issue of Equity 513 196 (185) (2,670) - -
Inc./(Dec.) in loans (5,822) 20,701 (1,048) 10,654 (1,000) (3,000)
Dividend Paid (Incl. Tax) (2,219) (2,431) (2,772) (2,949) (2,936) (3,523)
Others (14,907) (8,378) (3,585) (4,627) - -
Cash Flow from Financing (22,436) 14,950 (7,590) 408 (3,936) (6,523)Inc./(Dec.) in Cash (8,851) 16,248 10,592 9,676 2,517 7,027
Opening Cash balances 22,742 13,891 30,139 40,731 50,456 52,973Closing Cash balances 13,891 30,139 40,731 50,456 52,973 60,000
Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with
previous year numbers
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7/27/2019 Reliance Industries, 1Q FY 2014
13/14
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7/27/2019 Reliance Industries, 1Q FY 2014
14/14
Reliance Industries| 1QFY2014 Result Update
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
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Disclosure of Interest Statement RIL
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
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Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to 15%) Sell (< -15%)
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