RIL - Q4FY13 Result Update
Higher GRM and higher other income drives Q4 profitability
RIL’s Q4FY13 net profit of Rs55.9bn was in line with our estimates. GRM for the quarter at $10.1/bbl was in line with our estimate while RIL’s premium over Singapore GRM decreased from $3.1 to $1.4/bbl. Petchem EBIT for the quarter declined sequentially by 2.2% to Rs19bn on account of lower polyester margins and lower volumes in PX, PE and Butadiene. Gas production from KG-D6 declined further to 19.2mmscmd (yoy/qoq -16.6/-5.4mmscmd). Other income increased to Rs22.4bn (31.5% of PBT). We maintain our NEUTRAL rating on the stock with a revised SOTP price target of Rs853.
Actual v/s Estimates
| Y/E, Mar (Rs. m) |
Q4FY13
|
Q3FY13
|
qoq (%)
|
Q4FY12
|
yoy (%)
|
LKP Estimates
|
Deviation (%/bps)
|
| Revenue |
841,980
|
938,860
|
-10.3%
|
851,820
|
-1.2%
|
888,779
|
-5.3%
|
| EBITDA |
78,250
|
83,730
|
-6.5%
|
65,630
|
19.2%
|
83,228
|
-6.0%
|
| EBITDA (%) |
9.3%
|
8.9%
|
38 bps
|
7.7%
|
159 bps
|
9.4%
|
-7 bps
|
| PAT |
55,890
|
55,020
|
1.6%
|
42,360
|
31.9%
|
54,878
|
1.8%
|
LKP Research
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