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RIL Q2FY21 Estimates

By S P Tulsian
about 4 years ago

Reliance Industries Ltd. (RIL) will declare its Q2FY21 results (quarter ended 30th September, 2020), on Friday, 30th October, 2020. Our estimates, on consolidated basis are as under:

 

(Rs./ Crore)

 

Sr. No.

Particulars

Q2FY21E

(Estimates for Qtr ending 30-09-20)

Q1FY21A

(Actuals for Qtr ending 30-06-20)

1)

Segment Revenue

 

 

 
  • Petrochem

38,030

25,192

 
  • Refinery

      59,780

46,642

 
  • Oil & Gas

690

506

 
  • Organised Retail

45,870

31,633

 
  • Digital Service

22,580

21,302

 
  • Financial Services                                             

990

690

 
  • Others

9,980

8,153

 

Gross Turnover

1,77,920

1,34,118

 

Less: Inter Segment

(-) 43,810

(-) 33,189

 

 

1,34,110

1,00,929

 

Less: GST Recovered

(-) 13,080

(-) 9,691

 

Net Turnover

1,21,030

91,238

2)

Segment Results (EBITDA)

 

 

 
  • Petrochem (14.24%)

5,410

4,430

 
  • Refinery (6.32%)

3,780

3,818

 
  • Oil & Gas

(-) 50

(-) 32

 
  • Organised Retail (3.29%)

1,510

1,083

 
  • Digital Service (40.70%)

9,190

7,803

 
  • Financial services (49.50%)

490

380

 
  • Others

1,800

1,409

 

Total Segment Profit before interest, Tax, Depreciation & Amortisation

22,130

18,891

3)

EBIT (Margins)

 

 

 
  • Petrochem (10.89%)

4,140

3,392

 
  • Refinery (4.63%)

2,770

2,892

 
  • Oil & Gas

(-) 590

(-) 511

 
  • Organised Retail (2.33%)

1,070

722

 
  • Digital Service (26.08%)

5,890

4,708

 
  • Financial Services (49.50%)

490

380

 
  • Others

1,460

1,095

 

PBIT

15,230

12,678

 

Less: Interest Expenses

(-) 6,860

(-) 6,735

 

Add: Interest Income

2,950

2,792

 

Add: Other Unallocated Income

(-) 110

(-) 193

 

PBE&T

11,210

8,542

 

Exceptional Income/ Expenses

(-) 2,180

4,966

 

Profit before Tax

9,030

13,508

 

Less: Provision for Tax

(-) 1,080

(-) 923

 

Less: Deferred Tax

670

663

 

Profit After Tax

8,620

13,248

Note: % in brackets indicate margin for Q2FY21E

Key Assumptions:

  1. GRM for Q2FY21 is estimated at $6.4 per barrel, against $6.3 per barrel of Q1FY21
  2. Singapore benchmark was NIL for Q2FY21, which was negative $0.90 in Q1FY21
  3. Crude Refined volume is estimated at 16.2 MMT in Q2FY21, against 16.6 MMT QoQ and Petchem volume is estimated at 9.8 MMT in Q2 FY21, against 8.9 MMT QoQ
  4. Jio Subscribers seen at 409 million at end of Q2FY21, against 398.3 million at end of Q1FY21. ARPU is estimated at Rs.145 for Q2 against Rs. 140.30 for Q1.
  5. Retail area estimated at 29 million sq. ft. at the end of Q2FY21, against 29 million sq. ft. seen at the end of Q1FY21.
  6. Company has not paid 2nd instalment of advance tax, on standalone basis, which is surprising.