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RIL - ESTIMATES FOR Q1FY21

By SP Tulsian
about 4 years ago

Reliance Industries Ltd. (RIL) will declare its Q1 FY21 results (quarter ended 30th June, 2020), on Thursday, 30th July, 2020. Our estimates, on consolidated basis are as under:

 

(Rs./ Crore)

Sr. No.

Particulars

Q1FY21

(Estimates for Qtr ending 30-06-20)

Q4FY20

(Actuals for Qtr ending 31-03-20)

1)

Segment Revenue

 

 

 
  • Petrochem

15,690

32,206

 
  • Refinery

   40,960

84,854

 
  • Oil & Gas

345

625

 
  • Organised Retail

27,530

38,211

 
  • Digital Service

20,430 

18,632

 
  • Financial Services    

1,990  

671

 
  • Others

12,170

17,155

 

Gross Turnover

1,19,115

1,92,354

 

Less: Inter Segment

(-)19,750

(-) 41,145

 

 

99,365

1,51,209

 

Less: GST Recovered

(-)5,725

(-) 11,926

 

Net Turnover

93,640

1,39,283

2)

Segment Results (EBITDA)

 

 

 
  • Petrochem (15.74%)

2,470

5,938

 
  • Refinery (13.24%)

5,425

6,614

 
  • Oil & Gas

(-)90

(-) 46

 
  • Organised Retail (6.28%)

1,730

2,556

 
  • Digital Service (35.63%)

7,280

6,452

 
  • Financial Services(21.60%)

430

39

 
  • Others

1,360

1,772

 

Total Segment Profit before interest, Tax, Depreciation & Amortisation

18,605

23,325

3)

EBIT Margins

 

 

 
  • Petrochem (11.66%)

1,830

4,553

 
  • Refinery (11.01%)

4,510

5,706

 
  • Oil & Gas

(-) 445

(-) 485

 
  • Organised Retail (4.83%)

1,330

2,062

 
  • Digital Service (24.62%)

5,030

4,104

 
  • Financial Services(21.60%)

430

39

 
  • Others

995

1163

 

PBIT

13,680

17,142

 

Less: Interest Expenses

(-) 5,750

(-) 6,022

 

Add: Interest Income

3,460

2,580

 

Add: Other Unallocated Income

590

(-) 210

 

PBE&T

11,980

13,490

 

Exceptional Item

NIL

(-) 4,267

 

Profit before Tax

11,980

9,223

 

Less: Provision for Tax @ 17%

(-) 2,040

(-) 1,376

 

Less: Deferred Tax

(-) 1,090

(-) 1,301

 

Profit After Tax

8,850

6,546

 

 

22151.

 

Note: % in brackets indicate margin for Q1FY21E

Key Assumptions:

  1. GRM for Q1FY21 is estimated at $7.40 per barrel, against $8.90 per barrel of Q4FY20.
  2. Singapore benchmark is seen at negative $0.90 for Q1FY21, which was at $1.40 in Q4FY20.
  3. Crude Refined volume is estimated at 15.9 MMT in Q1 FY21, against 18.3 MMT QoQ and Petchem volume is estimated at 8.1 MMT in Q1 FY21, against 9.9 MMT QoQ.
  1. Jio Subscribers is seen at 399 million at end of Q1FY21, against 388 million seen at the end of Q4FY20.
  2. Retail area estimated at 29 million sq. ft. at the end of Q1FY21, against 28.7 million sq. ft. seen at the end of Q4FY20.

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