1QFY2012 Result Review -- Reliance Industries --Angel Broking,

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1QFY2012 Result Review
Reliance Industries
Reliance Industries reported robust set of numbers for 1QFY2012. The company’s net sales
came in above our expectations, while net profit was in-line with our expectations. Net
sales increased by 39.1% yoy to `81,018cr, above our estimate of `68,849cr. Net sales
growth was mainly driven by the petrochemicals segment (up 32.1% yoy to `18,366cr) and
the refining segment (up 45.8% yoy to `73,689cr). Production from KG-D6 stood at
1.41mn bbl (down 41.0% yoy) of crude oil and 156.2 BCF(down 18.0% yoy) of natural
gas. RIL’s EBITDA increased by 65.0% yoy to `9,926cr mainly on account of higher profits
from the refining segment. The refining segment’s EBIT grew by 57.2% yoy to `3,199cr on
the back of strong gross refining margin, which stood at US$10.3/bbl in 1QFY2012
(compared to US$7.3/bbl in 1QFY2011 and US$9.2/bbl in 4QFY2011). Net profit grew
by 314.4% yoy to `5,661cr, in-line with our estimate of `5,615cr. We maintain our Buy
view on the stock, while we keep our target price under review.