RIL, 4Q FY 2013

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Please refer to important disclosures at the end of this report 1

Quarterly highlights - StandaloneY/E March (` cr) 4QFY2013 4QFY2012 % chg (yoy) 3QFY2013 % chg (qoq)Net operating income 84,198 85,182 (1.2) 93,886 (10.3)EBITDA 7,825 6,563 19.2 8,373 (6.5)

EBITDA margin (%) 9.3 7.7 159bp 8.9 38bp

PAT 5,589 4,236 31.9 5,502 1.6Source: Company, Angel Research

For 4QFY2013, Reliance Industries (RIL) reported a better-than-expected net

profit, mainly due to higher-than-expected profit from the Refining segment.We maintain our Neutral view on the stock.Refining segment drives top-line growth: RILs 4QFY2013 net sales declined by1.2% yoy to `84,198cr, below our estimate of `92,008cr. The decline in net sales

was mainly led by lower Oil & Gas segment sales (-38.8% yoy to `1,597cr). The

companys KG-D6 gas production fell to 19mmscmd (-45.7% yoy).

GRM above expectation: RILs EBITDA however increased by 19.2% yoy to`7,825cr on account of higher profits from the Refining and Marketing segment.

The Refining segments EBIT grew by 107.5% yoy to `3,520cr. The gross refining

margin (GRM) stood at US$10.1/bbl in 4QFY2013, compared to US$7.6/bbl in

4QFY2012.

Lower depreciation and interest costs boost bottom-line growth further: During thequarter, the depreciation (including depletion) expense fell by 15.8% yoy to

`2,239cr. The interest cost also declined by 7.7% yoy to `709cr. Hence, the

companys PAT rose by 31.9% yoy to `5,589cr (above our estimate of `5,282cr).

Outlook and valuation: For 4QFY2013, RILs Refining segments profit increasedsharply; however, its Petrochemicals and Oil & Gas segments profitability

continued to decline. Looking ahead, concerns with regards decline in gas

production from the KG D6 block continue to persist. Additional investments in

the block are unlikely to boost production in the near-term. Further, we expect

Petrochemical and Refining segments profitability growth to remain muted in

FY2014. Hence, we maintain our Neutral view on the stock.Key financials (Consolidated)Y/E March (` cr) FY2012 FY2013E FY2014E FY2015ENet sales 358,501 397,062 380,031 407,721% chg 34.9 10.8 (4.3) 7.3

Net profit 19,963 20,879 22,677 25,528% chg 3.5 4.6 8.6 12.6

EPS (`) 66.0 71.1 69.3 78.0EBITDA margin (%) 9.7 8.3 8.9 9.9

P/E (x) 12.2 11.3 11.6 10.3

RoE (%) 12.3 11.7 11.5 11.7

RoCE (%) 8.8 8.1 8.5 9.4

P/BV (x) 1.4 1.3 1.2 1.0

EV/ Sales (x) 0.6 0.6 0.6 0.5

EV/ EBITDA (x) 6.6 7.4 6.9 5.5

Source: Company, Angel Research

NEUTRALCMP `805

Target Price -

Investment Period -

Stock Info

Sector

Net Debt (`cr) (10,550)

Bloomberg Code

Shareholding Pattern (%)

Promoters 45.3

MF / Banks / Indian Fls 10.8

FII / NRIs / OCBs 21.9Indian Public / Others 22.0

Abs. (%) 3m 1yr 3yr

Sensex (5.8) 9.7 6.6

RIL (5.0) 7.1 (25.7)

Oil & Gas

Avg. Daily Volume

Market Cap (`cr)

Beta

52 Week High / Low

Face Value (`)

BSE Sensex

Nifty

Reuters Code

10

18,745

5,689

RELI.BO

RIL@IN

259,778

1.2

955/674

419,687

Bhavesh ChauhanTel: 022- 39357800 Ext: 6821

[email protected]

Vinay RachhTel: 022- 39357800 Ext: 6841

[email protected]

Reliance IndustriesPerformance Highlights

4QFY2013 Result Update | Oil & Gas

April 16, 2013

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Reliance Industries| 4QFY2013 Result Update

April 16, 2013 2

Exhibit 1:4QFY2013 Performance (Standalone)Y/E March (` cr) 4QFY2013 4QFY2012 % chg (yoy) 3QFY2013 % chg (qoq) FY2013 FY2012 % chg (yoy)Net Operating Income 84,198 85,182 (1.2) 93,886 (10.3) 360,297 329,904 9.2COGS 70,982 71,519 (0.8) 78,170 (9.2) 306,127 274,814 11.4

Total operating expenditure 76,373 78,619 (2.9) 85,513 (10.7) 329,510 296,285 11.2

EBITDA 7,825 6,563 19.2 8,373 (6.5) 30,787 33,619 (8.4)EBITDA Margin (%) 9.3 7.7 8.9 8.5 10.2

Other Income 2,243 2,295 (2.3) 1,740 28.9 7,998 6,192 29.2

Depreciation 2,239 2,659 (15.8) 2,457 (8.9) 9,465 11,394 (16.9)

Interest 709 768 (7.7) 806 (12.0) 3,036 2,667 13.8

Extraordinary Items - - - - -

PBT 7,120 5,431 31.1 6,850 3.9 26,284 25,750 2.1PBT Margin (%) 8.5 6.4 7.3 7.3 7.8

Total Tax 1,531 1,195 28.1 1,348 13.6 5,281 5,710 (7.5)% of PBT 21.5 22.0 19.7 20.1 22.2

PAT 5,589 4,236 31.9 5,502 1.6 21,003 20,040 4.8Exceptional items - - - - -

Adj. PAT 5,589 4,236 31.9 5,502 1.6 21,003 20,040 4.8PAT Margin (%) 6.6 5.0 5.9 5.8 6.1


Exhibit 2:Segmental break-up (Standalone)(` cr) 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13RevenuesPetrochemicals 21,066 19,781 21,412 21,839 22,058 22,053 22,158

Refining & Marketing 68,096 76,738 76,211 85,383 83,878 86,641 77,872

Oil & Gas 3,563 2,832 2,609 2,508 2,254 1,921 1,597

Others 510 208 260 248 169 176 359

Gross Revenue 93,235 99,559 100,492 109,978 108,359 110,791 101,986EBITPetrochemicals 2,422 2,157 2,174 1,756 1,740 1,937 1,895

Refining & Marketing 3,075 1,685 1,696 2,151 3,523 3,615 3,520

Oil & Gas 1,531 1,294 951 972 866 590 460

Others 10 9 9 1 71 77 48

Total EBIT 7,038 5,145 4,830 4,880 6,200 6,219 5,923EBIT Margin (%)Petrochemicals 11.5 10.9 10.2 8.0 7.9 8.8 8.6

Refining & Marketing 4.5 2.2 2.2 2.5 4.2 4.2 4.5

Oil & Gas 43.0 45.7 36.5 38.8 38.4 30.7 28.8

Others 2.0 4.3 3.5 0.4 42.0 43.8 13.4

Total 7.5 5.2 4.8 4.4 5.7 5.6 5.8


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Exhibit 3:4QFY2013 actual vs estimates(` cr) Estimates Actual Variation (%)Net sales 92,008 84,198 (8.5)EBITDA 8,207 7,825 (4.7)EBITDA margin (%) 8.9 9.3 (0.4)

Adj. PAT 5,282 5,589 5.8


Refining segment drives top-line growthRILs 4QFY2013 net sales declined by 1.2% yoy to `84,198cr, ie below our

estimate of `92,008cr. The decline in net sales was mainly led by lower Oil & Gas

segment sales (-38.8% yoy to `1,597cr). RILs KG-D6 gas production fell to

19mmscmd compared to 35mmscmd in 4QFY2012.

Exhibit 4:Sales growth trend

78,569

85,135 85,182

91,875 90,33693,886

84,198

36.7

42.4

17.2

13.4 15.010.3

(1.2)

(5.0)

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

55,00058,000

61,00064,00067,00070,00073,00076,00079,00082,00085,00088,00091,00094,00097,000

2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13

(%)

(`cr)

Net sales Net sales growth (RHS)


Exhibit 5:KG D6 production continued to slide

4945

41

35 3329

24

19

0

10

20

30

40

50

60

1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13

(mmscmd)


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April 16, 2013 4

EBITDA rises by 19.2% yoyRILs EBITDA, however, increased by 19.2% yoy to `7,825cr, on account of higher

profits from the Refining and Marketing segment. The Refining segments EBIT

grew by 107.5% yoy to `3,520cr. RILs GRM stood at US$10.1/bbl in 4QFY2013

compared to US$7.6/bbl in 4QFY2012.

Exhibit 6:Segmental EBIT Performance

0%

20%

40%

60%

80%

100%

2QFY12 3QF Y12 4QF Y12 1QFY13 2QFY13 3QF Y13 4QFY13

Petrochemicals Refining Oil and gas Others


Exhibit 7:Operating profit trend9,844

7,285

6,563 6,747

7,7778,373

7,825

12.5

8.6

7.77.3

8.6 8.99.3

6.0

8.0

10.0

12.0

14.0

16.0

18.0

-

2,000

4,000

6,000

8,000

10,000

12,000


(%)

(`cr)

Operating Profit Operating Margins (RHS )


Lower depreciation and lower interest costs boost PATDuring the quarter, the depreciation (including depletion) expense declined by

15.8% yoy to `2,239cr due to lower oil and gas production. The interest cost also

reduced by 7.7% yoy to `709cr. Hence, the companys PAT increased by 31.9%

yoy to `5,589cr (above our estimate of `5,282cr).

Exhibit 8:Other income growth trend

15.1

29.9

42.3

35.0 30.9

25.4

31.5

0.05.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

-

5,000

10,000

15,000

20,000

25,000

2QFY123QFY12 4QFY121QFY132QFY133QFY13 4QFY13

(%)

(`cr)

Other income Other inc. as a % of PBT (RHS)


Exhibit 9:PAT growth trend5,703

4,4404,236 4,473

5,409 5,502 5,589

15.8

(13.6) (21.2) (21.0)

(5.2)

23.9

31.9

(30.0)

(20.0)

(10.0)

0.0

10.0

20.0

30.0

40.0

-

1,000

2,000

3,000

4,000

5,000

6,000


(%)

(`cr)

PAT PAT growth (RHS)


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April 16, 2013 5

Segment-wise performance

Refining: During the quarter,crude processing stood at 16.1mn tonne (comparedto 16.3mn tonne in 4QFY2012), with its refinery reporting capacity utilization of

105%. The Refining segments revenues grew by 2.2% yoy to `77,872cr. The GRM

improved 32.9% yoy to US$10.1/bbl in 4QFY2013. The Refining segments EBIT

increased by 107.5% yoy to `3,520cr due to higher margins.

Exhibit 10:RILs GRM vs Benchmark Singapore GRM

-

2.0

4.0

6.0

8.0

10.0

12.0

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

(U

S$/bbl)

RIL GRMs Singapore GRMs


Exhibit 11:Capacity utilization trend

7.0

9.0

11.0

13.0

15.0

17.0

20.0

40.0

60.0

80.0

100.0

120.0

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

(mntonnes)

(%)

Capacity Util isation Crude Process ing (RHS)


Petrochemicals: During 4QFY2013, the Petrochemicals segments revenue grew by3.5% yoy to `22,158cr due to higher prices. However, the segments EBIT declined

by 12.8% yoy to `1,895cr due to lower margins in polyester fibre and yarn

products.

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April 16, 2013 6

Oil and Gas: The Oil and Gas segments revenue decreased by 38.8% yoy to`1,597cr due to lower production from the KG-D6 block. Production from KG D6

declined to 19mmscmd in 4QFY2013 compared to 35mmscmd in 4QFY2012,

mainly due to reservoir complexity. Consequently, the segments EBIT decreased by51.6% yoy to `460cr, during the quarter.

Retail business turns EBITDA positive; Shale gas growth continues: The retailbusiness of RIL posted a turnover of `10,800cr in FY2013 and achieved breakeven

at the EBITDA level. It posted an EBITDA of `78cr in FY2013 compared to an

EBITDA loss of `342cr in FY2012. The shale gas business also reported a growth

in net revenue (+14.0% qoq) to US$193mn; its EBITDA grew 23.0% qoq to

US$155. The production of shale gas increased 12.0% qoq to 36.3bcf, during the

quarter.

Investment arguments

Foray into newer businesses: RIL has been eyeing inorganic routes for

diversifying its asset portfolio by entering into newer ventures, such as retail and

telecom, backed by a significant cash pile (`80,962cr as on December 31, 2012),

and treasury stocks. Initiatives, such as acquisition of shale gas assets, could prove

to be a potential trigger for the stock in the long term.

Declining KG-D6 production remains a key concern: RILs KG D6 production

has declined from 59mmscmd in 1QFY2011 to 19mmscmd in 4QFY2013. Going

forward, RIL has stated that additional investments are required to increase

production from KG D6. However, production is unlikely to increase during

FY2014-15, in our view. Also, as of now, there is no clarity on the quantum of hikein gas prices post April 2014.

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April 16, 2013 7

Outlook and valuation

RILs 4QFY2013 Refining segment profit increased sharply; however, its

Petrochemicals and Oil & Gas segments profitability continued to decline during

the quarter. Looking ahead, concerns of declining gas production from KG D6

block remain. Additional investments in the block are unlikely to boost production

in the near-term. Further, we expect Petrochemical and Refining segments

profitability growth to remain muted in FY2014. Hence, we maintain our Neutralview on the stock.Exhibit 12:SOTP valuation (FY2015E)Business segment `/shareRefining (EV/EBITDA 6.5x) 266

Petrochemical (EV/EBITDA 6.5x) 182

KG-D6 gas (DCF) 49KG-MA oil (DCF) 45

NEC-25 (EV/boe 4.5x) 54

D3 (EV/boe 4.5x) 60

D9 (EV/boe 4.5x) 35

Shale gas ventures (EV/boe 3.0x) 60

Other prospective basins 20

Retail 23

Investment/Others 104

Total EV 896Net debt

(67)Equity value (`) 829Source: Company, Angel Research

Exhibit 13:Angel EPS forecast vs consensusAngel forecast Bloomberg consensus Variation (%)

FY2014E 69.3 69.5 (0.3)FY2015E 78.0 77.58 0.5


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Exhibit 14:Recommendation summaryCompany CMP TP Reco. Mcap Upside P/E (x) P/BV (x) EV/EBITDA (x) RoE (%) RoCE (%)

(`) (`) (` cr) (%) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15ERIL 805 - Neutral 2,59,778 - 11.6 10.3 1.2 1.0 6.9 5.5 11.5 11.7 8.5 9.4ONGC 332 354 Accum. 282,459 7 9.7 8.5 1.7 1.5 4.4 3.8 18.2 18.6 19.3 20.4

Cairn India 288 340 Buy 55,186 18 5.2 5.6 0.8 0.7 2.7 2.3 17.1 14.0 16.6 13.8GAIL 321 - Neutral 41,244 - 8.9 7.7 1.4 1.2 4.0 2.8 17.0 17.1 18.1 18.4

Source: Angel Research

Exhibit 15:One-year forward P/E

0

200

400

600

800

1,000

1,200

1,400

1,600

Oct-06

Jan-0

7

Apr-07

Jul-07

Oct-07

Jan-0

8

Apr-08

Jul-08

Oct-08

Jan-0

9

Apr-09

Jul-09

Oct-09

Jan-1

0

Apr-10

Jul-10

Oct-10

Jan-1

1

Apr-11

Jul-11

Oct-11

Jan-1

2

Apr-12

Jul-12

Oct-12

Jan-1

3

A

r-13

Sharepric

e(`)

7x 10x 13x 16x 19x


Exhibit 16:Premium/Discount in RIL (P/E) vs Sensex (P/E)

(40)(30)

(20)

(10)

0

10

20

30

40

50

Apr-07

Jun-0

7

Aug-0

7

Oct-07

Dec-0

7

Feb-0

8

Apr-08

Jun-0

8

Aug-0

8

Oct-08

Dec-0

8

Feb-0

9

Apr-09

Jun-0

9

Aug-0

9

Oct-09

Dec-0

9

Feb-1

0

Apr-10

Jun-1

0

Aug-1

0

Oct-10

Dec-1

0

Feb-1

1

Apr-11

Jun-1

1

Aug-1

1

Oct-11

Dec-1

1

Feb-1

2

Apr-12

Jun-1

2

Aug-1

2

Oct-12

Dec-1

2

Feb-1

3

Apr-13

(%)

Prem/Disc to Sensex Historic average dis c.


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April 16, 2013 9

Company background

RIL, one of India's largest listed companies, ranks amongst the biggest

petrochemical companies in Asia. The company is also the world's largest polyester

producer and has the world's largest refinery in Jamnagar. RIL operates in three

business segments - petrochemicals, refining, and oil & gas. During 2002, RIL

discovered huge natural gas reserves in KG D6 block of Andhra Pradesh. In

February 2011, RIL sold 30% stake in 23 oil & gas blocks to UK-based BP for

US$7.2bn.

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April 16, 2013 10

Profit and loss (Consolidated)

Y/E March (` cr) FY2010 FY2011 FY2012 FY2013 FY2014E FY2015ETotal operating income 203,740 265,811 358,501 397,062 380,031 407,721% chg 34.7 30.5 34.9 10.8 (4.3) 7.3Total Expenditure 172,846 227,767 323,684 364,017 346,098 367,454

Net Raw Materials 147,065 197,392 288,956 321,825 305,983 324,864

Purchases of finished goods 7,538 7,032 9,235 10,425 9,912 10,523

Personnel 2,791 3,324 3,955 5,179 4,924 5,228

Other 15,452 20,019 21,538 26,588 25,279 26,839

EBITDA 30,894 38,044 34,817 33,045 33,934 40,266% chg 31.9 23.1 (8.5) (5.1) 2.7 18.7

(% of Net Sales) 15.2 14.3 9.7 8.3 8.9 9.9

Depreciation & Amortization 10,946 14,121 12,401 11,232 9,769 11,951

EBIT 19,948 23,923 22,416 21,813 24,165 28,316% chg 12.2 19.9 (6.3) (2.7) 10.8 17.2

(% of Net Sales) 9.8 9.0 6.3 5.5 6.4 6.9

Interest & other Charges 2,060 2,411 2,893 3,463 3,117 3,148

Other Income 2,185 2,543 6,124 7,800 8,346 7,929

(% of PBT) 7.6 10.6 24.2 29.8 28.4 24.0

Recurring PBT 20,074 24,055 25,647 26,150 29,394 33,097% chg 12.3 19.8 6.6 2.0 12.4 12.6

Extraordinary Income/Exp 8,606 (309) - - -

PBT (reported) 28,680 24,055 25,338 26,150 29,394 33,097Tax 4,256 4,783 5,691 5,331 6,761 7,612

(% of PBT) 17.4 24.8 29.0 21.0 23.0 23.0

PAT (reported) 24,424 19,272 19,647 20,819 22,633 25,484Share of (profit )/ loss to MI 80 - 67 44 44

PAT after MI (reported) 24,503 19,272 19,647 20,886 22,677 25,528Share of Loss trans. to MI 22 7 (7) ADJ. PAT(core) 15,897 19,294 19,963 20,879 22,677 25,528% chg 6.2 21.4 3.5 4.6 8.6 12.6

(% of Net Sales) 7.8 7.3 5.6 5.3 6.0 6.3

Basic EPS (`) 74.9 64.6 66.0 71.1 69.3 78.0Fully Diluted EPS ( ) 74.9 67.8 66.0 71.1 69.3 78.0% chg 67.8 (9.4) (2.8) 7.8 (2.6) 12.6

Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with

previous year numbers

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April 16, 2013 11

Balance Sheet (Consolidated)

Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014E FY2015ESOURCES OF FUNDSEquity Share Capital 2,978 2,981 2,979 2,979 2,979 2,979Reserves& Surplus 138,598 151,112 166,466 184,597 204,251 226,161

Shareholders Funds 141,576 154,093 169,445 187,577 207,231 229,141Minority Interest - 802 799 799 799 799

Total Loans 64,606 79,988 82,635 75,390 70,390 67,390

Deferred Tax Liability 10,678 11,071 11,567 11,567 11,567 11,567

Long term provisions - 214 421 427 427 427

Total Liabilities 216,860 246,177 264,870 275,763 290,418 309,327APPLICATION OF FUNDSGross Block 224,125 238,293 233,475 252,153 272,325 294,111

Less: Acc. Depreciation 63,934 80,193 94,661 105,893 115,662 127,612

Net Block 160,191 158,100 138,814 146,260 156,663 166,499Intangible Assets under Dev. - 22,835 18,868 18,868 18,868 18,868Capital Work-in-Progress 17,034 5,339 6,495 15,172 16,512 20,500

Investments 13,112 21,596 38,598 38,598 38,598 38,598LT Loans and advances - 6,839 6,741 6,741 6,741 6,741Current Assets 69,106 92,808 117,677 121,635 127,845 137,319

Cash 13,891 30,139 40,731 41,171 50,414 54,958

Loans & Advances 10,647 5,891 9,754 9,754 9,754 9,754

Other 44,568 56,778 67,192 70,710 67,677 72,608

Current liabilities and provisions 3,695 3,695 3,695 3,695 3,695 3,695

Net Current Assets 26,520 31,466 55,353 50,123 53,034 58,120Mis. Exp. not written off 2 1 1 1 1 1

Total Assets 216,860 246,177 264,870 275,763 290,418 309,327



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April 16, 2013 12

Cash flow statement (Consolidated)

Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014E FY2015EProfit before tax 28,680 24,055 25,408 26,150 29,394 33,097

Depreciation 14,001 16,820 14,827 11,232 9,769 11,951Change in Working Capital (5,939) (13,501) (6,748) 5,670 6,332 (543)

Others (1,786) (1,722) (4,053) - - -

Less: Other income - - - (7,800) (8,346) (7,929)

Direct taxes paid (3,140) (4,243) (4,881) (5,331) (6,761) (7,612)

Cash Flow from Operations 31,815 33,338 24,483 29,921 30,388 28,964(Inc.)/ Dec. in Fixed Assets (23,017) (33,604) 6,936 (27,355) (21,512) (25,774)

(Inc.)/ Dec. in Investments 2,645 (8,102) (14,992) - - -

(Inc.)/ Dec. in loans and adv. (19) - 676 - - -

Other income - - 1,079 7,800 8,346 7,929

Others 2,160 9,666 - - - -

Cash Flow from Investing (18,231) (32,040) (6,301) (19,555) (13,166) (17,845)Issue of Equity 513 196 (185) - - -

Inc./(Dec.) in loans (5,822) 20,701 (1,048) (7,245) (5,000) (3,000)

Dividend Paid (Incl. Tax) (2,219) (2,431) (2,772) (2,681) (2,979) (3,575)

Others (14,907) (8,378) (3,585) - - -

Cash Flow from Financing (22,436) 14,950 (7,590) (9,926) (7,979) (6,575)Inc./(Dec.) in Cash (8,851) 16,248 10,592 440 9,243 4,544

Opening Cash balances 22,742 13,891 30,139 40,731 41,171 50,414Closing Cash balances 13,891 30,139 40,731 41,171 50,414 54,958



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April 16, 2013 13

Key ratios

Y/E March FY2010 FY2011 FY2012 FY2013E FY2014E FY2015EValuation Ratio (x)P/E (on FDEPS) 10.8 11.9 12.2 11.3 11.6 10.3P/CEPS 8.9 7.2 7.4 7.5 7.4 6.4

P/BV 1.7 1.6 1.4 1.3 1.2 1.0

Dividend yield (%) 0.9 1.1 1.1 1.1 1.2 1.4

EV/Sales 1.4 1.0 0.6 0.6 0.6 0.5

EV/EBITDA 9.3 7.3 6.6 7.4 6.9 5.5

EV/Total Assets 1.3 1.1 0.9 0.9 0.8 0.7

Per Share Data (`)EPS (Basic) 74.9 64.6 66.0 71.1 69.3 78.0

EPS (fully diluted) 74.9 67.8 66.0 71.1 69.3 78.0

Cash EPS 90.1 112.2 108.6 107.8 108.9 125.8

DPS 7.0 8.5 9.0 9.0 10.0 11.0

Book Value 475 517 569 630 696 769

Returns (%)RoCE (Pre-tax) 9.4 10.3 8.8 8.1 8.5 9.4

Angel RoIC (Pre-tax) 13.5 12.1 10.5 10.0 10.9 12.4

RoE 12.1 13.1 12.3 11.7 11.5 11.7

Turnover ratios (x)Asset Turnover (Gross Block) 1.1 1.1 1.5 1.6 1.4 1.4

Inventory / Sales (days) 48.8 48.6 44.0 48.0 51.1 48.3

Receivables (days) 13.4 14.4 13.6 14.7 15.3 14.5

Payables (days) 78.8 70.2 65.4 67.8 73.3 72.8

WC cycle (ex-cash) (days) 8.7 9.6 8.1 10.8 5.6 2.6

Solvency ratios (x)Net debt to equity 0.3 0.2 0.0 (0.0) (0.1) (0.1)

Net debt to EBITDA 1.2 0.7 0.1 (0.1) (0.5) (0.6)

Int. Coverage (EBIT/Int.) 9.7 9.9 7.7 6.3 7.8 9.0

Note: Some of the figures from FY2011 onwards are reclassified; hence some ratios may not be

comparable with previous year ratios

7/28/2019 RIL, 4Q FY 2013

14/14


Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

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Disclosure of Interest Statement RIL

1. Analyst ownership of the stock No

2. Angel and its Group companies ownership of the stock No

3. Angel and its Group companies' Directors ownership of the stock No

4. Broking relationship with company covered No

Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)

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RIL, 4Q FY 2013