RIL Q3FY19 Consolidated Estimates
By S.P. Tulsian
Reliance Industries Ltd. (RIL) will declare its Q3FY19 results (quarter ended 31st December, 2018) on Thursday, 17th January, 2019. Our estimates, on consolidated basis, are as under:
(Rs./Crore)
| Particulars | Q3FY19E (Estimates for Qtr ending 31-12-18) | Q2FY19A (Actuals for Qtr ending 30-09-18) |
| Segment Revenue |
|
|
| 39,190 | 43,745 |
| 88,030 | 98,760 |
| 1,160 | 1,322 |
| 33,950 | 32,436 |
| 12,140 | 10,942 |
| 5,300 | 5,537 |
| Gross Turnover | 1,79,770 | 1,92,742 |
| Less: Inter Segment | (-) 32,070 | (-) 36,451 |
|
| 1,47,700 | 1,56,291 |
| Less: GST Recovered | (-) 9,960 | (-) 10,273 |
| Net Turnover | 1,37,740 | 1,46,018 |
|
|
|
|
| EBIT Margins |
|
|
| 1. Petrochem (19.36%) | 7,590 | 8,120 |
| 2. Refinery (4.86%) | 4,280 | 5,322 |
| 3. Oil & Gas | (-) 545 | (-) 480 |
| 4. Organised Retail (4.01%) | 1,360 | 1,244 |
| 5. Digital Services (18.37%) | 2,230 | 2,042 |
| 6. Others | 370 | 314 |
| PBIT | 15,285 | 16,562 |
| Less: Interest Expenses | (-) 3,985 | (-) 3,932 |
| Add: Interest Income | 1,270 | 1,203 |
| Add: Other Unallocated Income | (-) 290 | (-) 635 |
| PBT | 12,280 | 13,198 |
| Less: Provision for Tax @ 22% | (-) 2,700 | (-) 2,917 |
| Less: Deferred Tax | (-) 605 | (-) 732 |
| Profit After Tax | 8,975 | 9,549 |
| EPS | 2215115.15. | 16.10 |
Key Assumptions:
- GRM for Q3 is seen at $8.40 per barrel, against $9.50 per barrel of Q2FY19, after adjusting for inventory loss. Brent fell by about 11% QoQ to an average of $67.50 per barrel, in Q3, while it was ruling at around $53 on 31.12.2018.
- Singapore benchmark is seen at $4.3 for Q3, which was at $6.1 in Q2FY19.
- Crude Refined volume is estimated at 17.3 MMT and Petchem volume estimated at 9.4 MMT.
- Jio subscribers estimated at 285 million. Retail area estimated at 19.90 million sq.ft.