Reliance Industries Ltd. |Q2FY15 Result Update | PAT above expectation, maintain buy with target price of Rs.1,274: IndiaNivesh

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 RIL reported Q2FY15 PAT (Standalone) above street expectation on the back
of higher than expected GRM and better petchem margin.
 Revenue decreased by 7% y-o-y (flat QoQ) to Rs. 964.86 bn (below consensus
of Rs. 983 bn) due to lower refining and Oil & Gas revenue while Reported
PAT stood at Rs. 57.4 bn (above consensus of Rs 55.81 bn).
 EBITDA margin above the consensus (stood at 8.5% vs. 8.1% of consensus)
on the back of higher than expected GRM and better petchem margin.
 GRM for the quarter stood at $8.3/bbl vs. $8.7/bbl in Q1FY15 and $7.7/bbl in
Q2FY14. RIL’s premium over Singapore GRM remains higher to $3.5/bbl vs.
$2.5/bbl in Q2FY14 aided by wider crude differential and sourcing advantage.

 Petchem EBIT margin stood at 9.64%, improved by 169 bps QoQ led by strong
rebound in polymer, Fiber intermediates and aromatics margin.
 In E&P business, Average KG-D6 production stood at 12.5 MMSCMD of gas
and 0.5 mmbbl of oil.
 Retail and US Shale gas business continues to make remarkable progress and
registered 20% and 33.7% YoY growth in revenues, respectively.
 Outstanding debt as on 30th September 2014 was Rs 1420.8 bn ($ 23 billion)
compared to Rs. 1387.61 (($ 22.6 billion) bn as on 31st March 2014. Cash and
cash equivalents stood at Rs. 834.56 bn ($ 13.5 billion).

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http://www.indianivesh.in/Admin/Upload/635488731763760000_Reliance%20Industries%20_Q2FY15%20Result%20Update.pdf