4QFY2012 Result Update | Oil & Gas

April 20, 2012

Reliance Industries
Performance Highlights
Y/E March (` cr) Net operating income EBITDA EBITDA margin (%) PAT
Source: Company, Angel Research

BUY
CMP Target Price
% chg (yoy) 17.2 (33.3) (584)bp (21.2) 3QFY12 85,135 7,285 8.6 4,440 % chg (qoq) 0.1 (9.9) (85)bp (4.6)

`731 `872
12 Months

4QFY12 85,182 6,563 7.7 4,236

4QFY11 72,674 9,843 13.5 5,376

Investment Period
Stock Info Sector Market Cap (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code

Oil & Gas 252,460 1.1 1,066/689 775420 10 16,752 5,046 RELI.BO RIL@IN

For 4QFY2012, Reliance Industries (RIL) reported 17.2% yoy growth in its top line. However, EBITDA and PAT declined by 33.3% yoy and 21.2% yoy, respectively, due to a decline in KG-D6 gas production and lower gross refining margins (GRMs). Lower gas production leads to a decline in bottom line: RILs net sales increased by 17.2% yoy to `85,182cr, in-line with our estimate of `84,669cr. However, EBITDA decreased by 33.3% yoy to `6,563cr on account of lower profits from all its three main segments. GRM stood at US$7.6/bbl in 4QFY2012 compared to US$9.2/bbl in 4QFY2011 and US$6.8/bbl in 3QFY2012. Production from KG-D6 stood at 35mmscmd in 4QFY2012 compared to 41mmscmd in 3QFY2012 and 51mmscmd in 4QFY2011. Other income increased by 150.3% yoy to `2,295cr and depreciation expenses decreased by 21.5% yoy to `2,659cr. Hence, despite the 33.3% decline in EBITDA, PAT decreased by only 21.2% yoy to `4,236cr (slightly above our estimate of `4,177cr). RIL to set up a petcoke gasification plant: During 4QFY2012, RIL finalized its plan to set up a petcoke gasification plant for a capex of US$4bn. The company also downgraded its KG-D6 reserves by 12-15% due to reservoir complexity. Outlook and valuation: RILs refining and petrochemical segments profits declined during 4QFY2012. Going forward, although there are some concerns on the KG basin gas output, we believe RIL along with BP will optimize its producing blocks in KG-D6. Moreover, the stock is currently trading at a PE of 11.1x FY2013E and 10.4x FY2014E, compared to its past five-year trading average of 17.0x forward PE. Thus, we maintain our Buy recommendation on RIL with an SOTP target price of `872. Key financials (Consolidated)
Y/E March (` cr) Net sales % chg Net profit % chg EPS (`) EBITDA margin (%) P/E (x) RoE (%) RoCE (%) P/BV (x) EV/ Sales (x) EV/ EBITDA (x)
Source: Company, Angel Research

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 44.7 11.4 17.0 26.9

Abs. (%) Sensex RIL

3m
3.8 (5.4)

1yr
(10.8) (18.2)

3yr
58.2 36.1

FY2011 248,170 21.8 20,286 7.8 62.0 15.4 11.8 13.7 10.5 1.4 1.0 6.7

FY2012E 329,904 32.9 20,040 (1.2) 61.2 10.2 11.9 12.3 8.8 1.3 0.7 6.8

FY2013E 325,734 (1.3) 21,520 7.4 65.8 10.9 11.1 11.9 9.1 1.1 0.7 6.5

FY2014E 328,669 0.9 22,926 6.5 70.0 11.6 10.4 11.5 9.2 1.0 0.7 5.6

Bhavesh Chauhan
Tel: 022- 39357800 Ext: 6821 bhaveshu.chauhan@angelbroking.com

Please refer to important disclosures at the end of this report

Reliance Industries | 4QFY2012 Result Update

Exhibit 1: 4QFY2012 performance (Standalone)

Y/E March (` cr) Net operating income COGS Total operating exp. EBITDA EBITDA margin (%) Other income Depreciation Interest Extraordinary items PBT PBT margin (%) Total tax % of PBT PAT Exceptional items Adj. PAT PAT margin (%)
Source: Company, Angel Research

4QFY2012 85,182 71,519 78,619 6,563 7.7 2,295 2,659 768 5,431 6.4 1,195 22.0 4,236 4,236 5.0

4QFY2011 72,674 58,259 62,831 9,843 13.5 917 3,387 696 6,677 9.2 1,301 19.5 5,376 5,376 7.4

% chg (yoy) 17.2 22.8 25.1 (33.3) 150.3 (21.5) 10.3 (18.7) (8.1) (21.2) (21.2)

3QFY2012 % chg (qoq) 85,135 74,190 77,850 7,285 8.6 1,717 2,570 694 5,738 6.7 1,298 22.6 4,440 4,440 5.2 (4.6) (4.6) (7.9) (5.4) 33.7 3.5 10.7 0.1 (3.6) 1.0 (9.9)

Exhibit 2: Segmental break-up (Standalone)

Y/E March (` cr) Revenue Petrochemicals Refining and marketing Oil and gas Others Gross revenue EBIT Petrochemicals Refining and marketing Oil and gas Others Total EBIT EBIT margin (%) Petrochemicals Refining and marketing Oil and gas Others Total
Source: Company, Angel Research

4QFY2012 4QFY2011 % chg (yoy) 3QFY2012 % chg (qoq) 21,412 76,211 2,609 260 100,492 18,194 62,704 4,104 173 85,175 17.7 21.5 (36.4) 50.3 18.0 19,781 76,738 2,832 208 99,559 8.2 (0.7) (7.9) 25.0 0.9

2,174 1,696 951 9 4,830

2,626 2,509 1,569 7 6,711

(17.2) (32.4) (39.4) 28.6 (28.0)

2,157 1,685 1,294 9 5,145

0.8 0.7 (26.5) 0.0 (6.1)

10.2 2.2 36.5 3.5 4.8

14.4 4.0 38.2 4.0 7.9

10.9 2.2 45.7 4.3 5.2

April 20, 2012

Reliance Industries | 4QFY2012 Result Update

Exhibit 3: 4QFY2012 actual vs. estimates

(` cr) Net sales EBITDA EBITDA margin (%) PBT Adj. PAT
Source: Company, Angel Research

Estimates
84,669 6,819 8.1 5,375 4,177

Actual
85,182 6,563 7.7 5,431 4,236

Variation (%)
0.6 (3.7) 0.3 1.0 1.4

Petrochemicals and refining segments drive RILs top-line growth

RILs 4QFY2012 results were broadly in-line with our estimates. The companys net sales increased by 17.2% yoy to `85,182cr, in-line with our estimate of `84,669cr. Net sales growth was mainly driven by the petrochemicals segment (+17.7% yoy to `21,412cr) and refining segment (+21.5% yoy to `76,211cr). During 4QFY2012, RIL finalized its plan to set up a petcoke gasification plant for a capex of US$4bn. The company also downgraded its KG-D6 reserves by 12-15% due to reservoir complexity.

April 20, 2012

Reliance Industries | 4QFY2012 Result Update

Exhibit 4: Sales growth trend

88,000 85,000 82,000 79,000 76,000 73,000 70,000 67,000 64,000 61,000 58,000 55,000 39.1 36.7 26.2 22.7 17.2 42.4 45.0 40.0 35.0 30.0 20.0 15.0 10.0 5.2 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 Net sales
Source: Company, Angel Research

(` cr)

5.0 Net sales growth (RHS)

Exhibit 5: KG-DG production continued to slide in 4QFY2012

70 60 50 59 58 56 51

49

45

(mmscmd)

41 35

40 30 20 10 0

1QFY11 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 KG D6 gas production
Source: Company, Angel Research

EBITDA declines by 33.3% yoy

RILs EBITDA decreased by 33.3% yoy to `6,563cr on account of lower profits from all its three main segments. The refining segment's EBIT decreased by 32.4% yoy to `1,696cr, the petrochemical segment's EBIT decreased by 17.2% yoy to `2,174cr and the oil and gas segment's EBIT decreased by 39.4% yoy to `951cr during the quarter. GRM stood at US$7.6/bbl in 4QFY2012 compared to US$9.2/bbl in 4QFY2011 and US$6.8/bbl in 3QFY2012. Production from KG-D6 stood at 35mmscmd in 4QFY2012 compared to 41mmscmd in 3QFY2012 and 51mmscmd in 4QFY2011.

April 20, 2012

(%)

25.0

Reliance Industries | 4QFY2012 Result Update

Exhibit 6: EBIT break-up

100% 80% 60% 40%

Exhibit 7: Operating performance trend

12,000 10,000 16.3 16.0 16.0 14.0 12.0 10.0 8.6 2,000 7.7 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 Operating Profit Operating Margins (RHS) 7.7 8.0 6.0 18.0

(` cr)

8,000 13.5 6,000 4,000

20% 0% 2QFY11 3QFY11

Petrochemicals

4QFY11
Refining

1QFY12

2QFY12

3QFY12
Others

4QFY12

Oil and gas

Source: Company, Angel Research

Source: Company, Angel Research

Other income growth mutes the decline in PAT

During the quarter, the companys other income increased by 150.3% yoy to `2,295cr due to higher treasury income. Depreciation and depletion expenses decreased by 21.5% yoy to `2,659cr due to lower depletion charges. Hence, despite the 33.3% decline in EBITDA, the companys PAT decreased by only 21.2% yoy to `4,236cr (slightly above our estimate of `4,177cr).

Exhibit 8: PAT growth trend

6,000 5,000 4,000 27.8 28.1 14.1 16.7 15.8 40.0 30.0 20.0 10.0 0.0 (13.6) (21.2) (10.0) (20.0) (30.0) 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 PAT
Source: Company, Angel Research

(` cr)

3,000 2,000 1,000 PAT growth (RHS)

April 20, 2012

(%)

(%)

12.5

Reliance Industries | 4QFY2012 Result Update

Segment-wise performance
Refining: During the quarter, crude processing stood at 16.3mn tonnes (compared to 16.7mn tonnes in 4QFY2011), with its refinery reporting capacity utilization of 109%. Despite the decline in crude throughput, higher petroleum product prices led to a 21.5% yoy increase in the refining segments revenue to `76,211cr. However, GRM decreased to US$7.6/bbl in 4QFY2012 compared to US$9.2/bbl in 4QFY2011 (US$6.8/bbl in 3QFY2012) on account of lower product cracks. Thus, the refining segments EBIT decreased by 32.4% yoy to `1,696cr.

Exhibit 9: RILs GRM vs. Benchmark Singapore GRM

12.0 10.0 8.0

(US $/bbl)

6.0 4.0 2.0 -

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

RIL GRMs

Singapore GRMs

Source: Company, Angel Research

Exhibit 10: Capacity utilization trend

120.0 17.0 100.0 80.0 15.0 13.0 11.0 9.0 7.0

60.0 40.0 20.0

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

Capacity Utilisation

Crude Processing (RHS)

Source: Company, Angel Research

Petrochemicals: During 4QFY2012, the petrochemicals segments revenue grew by 17.7% yoy to `21,412cr due to higher prices and sales volumes. However, the segments EBIT margin declined by 428bp yoy to 10.2% and EBIT declined by 17.2% yoy to `2,174cr.

April 20, 2012

4QFY12

(mn tonnes)

(%)

4QFY12

Reliance Industries | 4QFY2012 Result Update

Oil and gas: The oil and gas segments revenue decreased by 36.4% yoy to `2,609cr due to lower production from KG-D6 block; however, this was partially offset by the increase in crude oil realization. Production from KG-D6 stood at 35mmscmd in 4QFY2012 compared to 51mmscmd in 4QFY2011. Consequently, the segments EBIT decreased by 39.4% yoy to `951cr during the quarter.

Investment arguments
Ramp-up in KG-D6 could re-rate the stock: RILs upstream segment still has significant upside in store, considering the huge untapped resources. RILs natural gas production stood at 35mmscmd in 4QFY2012, significantly below its potential of 80mmscmd from KG-D6 due to constraints over reservoir pressure. Nevertheless, we believe RIL can ramp up its production over the medium term with the help of BPs technical expertise. 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, on the back of significant cash pile (`72,252cr as on March 31, 2012) and treasury stocks. Initiatives such as shale gas acquisitions, with in-place reserves of over 10TCF, could prove to be a potential trigger for the stock in the long term.

April 20, 2012

Reliance Industries | 4QFY2012 Result Update

Outlook and valuation

RILs refining and petrochemical segments profits declined during 4QFY2012. Further, there are concerns on the KG basin gas output. Nevertheless, we believe RIL along with BP will optimize its producing blocks in KG-D6 over the medium term. Further, expansion plans to set up a petcoke gasification plant and a petchem capacity address concerns on the utilization of RILs huge cash reserves. Over the past five years, RIL has traded at an average one-year forward PE of 17.0x, while currently it is trading at a PE of 11.1x FY2012E and 10.4x FY2013E. On a P/B basis, the stock trades at 1.1x FY2012E and 1.0x FY2013E. Thus, we maintain our Buy view on RIL with an SOTP target price of `872.

Exhibit 11: SOTP valuation (FY2014E)

Business segment (` cr) Refining (EV/EBITDA 5.5x) Petrochemical (EV/EBITDA 5.5x) KG-D6 gas (DCF) KG-MA oil (DCF) NEC-25 (EV/boe 4.5x) D3 (EV/boe 4.5x) D9 (EV/boe 4.5x) Shale gas ventures (EV/boe 3.0x) Other prospective basins Retail Investment/Others Total EV Net debt Equity value (`)
Source: Company, Angel Research

`/share
268 187 142 45 54 60 35 60 30 15 36 931

(59) 872

Exhibit 12: Angel EPS forecast vs. consensus

Angel forecast FY2013E FY2014E
Source: Company, Angel Research

Bloomberg consensus
66.9 71.0

Variation (%)
(1.7) (1.4)

65.8 70.0

April 20, 2012

Reliance Industries | 4QFY2012 Result Update

Exhibit 13: Recommendation summary

Company RIL ONGC GAIL CMP (`) 731 266 361 TP (`) 872 319 Buy Buy Reco. Mcap Upside (` cr) 252,460 227,704 66,151 45,766 (%) 19 20 8 9 P/E (x) FY13E 11.1 8.6 6.8 10.2 10.4 7.9 7.1 9.7 P/BV (x) 1.1 1.5 1.1 1.8 1.0 1.4 1.0 1.6 EV/EBITDA (x) FY13E 6.5 3.4 4.3 5.2 FY14E 5.6 2.9 3.4 4.3 RoE (%) 11.9 18.8 18.3 18.7 11.5 18.1 14.8 17.0 RoCE (%) FY14E 9.2 17.9 14.8 21.0 9.1 17.9 18.3 22.9 FY14E FY13E FY14E FY13E FY14E FY13E

Cairn India 346

Source: Angel Research

372 Accum. 392 Accum.

Exhibit 14: One-year forward P/E

1,600 1,400 1,200 1,000 800 600 400 200 0

Share price (` )

Oct-06

Oct-07

Oct-08

Oct-09

Oct-10

Oct-11 Dec-11

Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Apr-08

Apr-09

Apr-10

Apr-11

Apr-07

Jan-12

Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

7x
Source: Company, Angel Research

10x

13x

16x

19x

Exhibit 15: Premium/Discount in RIL (P/E) vs. Sensex (P/E)

60 50 40 30

(%)

20 10 0

Dec-07

Dec-08

Dec-09

Aug-07

Aug-08

Aug-09

Aug-10

Dec-10

Apr-07

Apr-08

Apr-09

Apr-10

Apr-11

Aug-11

(10) (20) (30)

Prem/Disc to Sensex

Historic average disc.

Source: Company, Angel Research

April 20, 2012

Apr-12

Apr-12

Jul-06

Reliance Industries | 4QFY2012 Result Update

Profit and loss (Consolidated)

Y/E March (` cr) Total operating income % chg Total Expenditure Net Raw Materials Purchases of finished goods Personnel Other EBITDA % chg (% of Net Sales) Depreciation and amort. EBIT % chg (% of Net Sales) Interest & other Charges Other Income (% of PBT) Recurring PBT % chg Extraordinary Income/Exp PBT (reported) Tax (% of PBT) PAT (reported) Minority interest (MI) PAT after MI (reported) ADJ. PAT(core) % chg (% of Net Sales) Basic EPS (`) Fully Diluted EPS (`) % chg
FY2009 FY2010 FY2011 FY2012 FY2013E FY2014E

151,224 203,740 248,170 329,904 325,734 328,669 10.3 34.7 21.8 32.9 (1.3) 0.9 127,802 172,846 210,044 296,285 290,276 290,388 105,224 147,065 189,991 273,942 268,386 268,490 7,202 3,018 12,358 23,422 1.2 15.5 5,651 17,771 (2.0) 11.8 1,816 1,914 10.7 17,869 (2.2) 17,869 2,919 19.5 14,950 18 14,969 14,969 1.2 9.9 45.7 45.7 1.2 7,538 2,791 15,452 30,894 31.9 15.2 10,946 19,948 12.2 9.8 2,060 2,185 7.6 20,074 12.3 8,606 28,680 4,256 17.4 24,424 80 24,503 15,897 6.2 7.8 48.6 48.6 6.2 25,242 4,956 24.4 20,286 20,286 20,286 7.8 8.2 62.0 62.0 (17.2) 144 2,624 15,965 38,126 23.4 15.4 13,608 24,518 22.9 9.9 2,328 3,052 12.1 25,242 25.7 1,441 2,862 18,040 33,619 (11.8) 10.2 11,394 22,225 (9.4) 6.7 2,667 6,192 24.0 25,750 2.0 25,750 5,710 24.0 20,040 20,040 20,040 (1.2) 6.1 61.2 61.2 (1.2) 1,412 2,804 17,674 35,458 5.5 10.9 11,657 23,801 7.1 7.3 2,350 6,811 24.1 28,262 9.8 28,262 6,783 24.0 21,479 41 21,520 21,520 7.4 6.6 65.8 65.8 7.4 1,412 2,805 17,681 38,281 8.0 11.6 12,983 25,298 6.3 7.7 1,736 6,947 22.8 30,509 7.9 30,509 7,627 25.0 22,882 44 22,926 22,926 6.5 7.0 70.0 70.0 6.5

April 20, 2012

10

Reliance Industries | 4QFY2012 Result Update

Balance sheet (Consolidated)

Y/E March (` cr) SOURCES OF FUNDS Equity Share Capital Reserves& Surplus Shareholders Funds Total Loans Deferred Tax Liability Total Liabilities APPLICATION OF FUNDS Gross Block Less: Acc. Depreciation Net Block Capital Work-in-Progress Investments Current Assets Cash Loans & Advances Other Current liab.and prov. Net Current Assets Mis. Exp. not written off Total Assets 157,182 224,125 238,293 254,973 275,371 297,400 50,138 73,846 6,436 58,746 22,742 11,002 25,002 38,872 19,874 4 63,934 17,034 13,112 69,106 13,891 10,647 44,568 42,586 26,520 2 80,193 29,742 21,596 30,139 13,726 54,215 57,445 40,634 1 91,587 103,244 116,226 22,000 21,596 37,944 13,726 60,558 65,387 46,841 1 17,172 21,596 47,924 13,726 58,007 63,341 56,316 1 16,512 21,596 53,640 13,726 58,530 63,364 62,532 1 107,044 160,191 158,099 163,386 172,127 181,174 1,444 2,978 2,981 2,981 2,981 2,981 119,952 138,598 151,112 168,469 186,967 206,570 121,396 141,576 154,094 171,451 189,950 209,552 76,257 9,551 64,606 10,678 84,106 11,071 70,500 11,071 65,390 11,071 60,390 11,071
FY2009 FY2010 FY2011 FY2012E FY2013E FY2014E

207,203 216,860 250,073 253,824 267,213 281,816

98,080 112,228 119,657 125,896

207,203 216,860 250,073 253,824 267,213 281,816

April 20, 2012

11

Reliance Industries | 4QFY2012 Result Update

Cash flow statement (Consolidated)

Y/E March (` cr) Profit before tax Depreciation Change in Working Capital Others Less: Other income Direct taxes paid Cash Flow from Operations (Inc.)/ Dec. in Fixed Assets (Inc.)/ Dec. in Investments (Inc.)/ Dec. in loans and adv. Other income Others Cash Flow from Investing Issue of Equity Inc./(Dec.) in loans Dividend Paid (Incl. Tax) Others Cash Flow from Financing Inc./(Dec.) in Cash Opening Cash balances Closing Cash balances
FY2009 FY2010 FY2011 FY2012E FY2013E FY2014E

17,869 7,713 (5,771) (1,330) (1,926) 16,555 3,366 (102) 1,364 15,165 16,514 (1,908)

28,680 14,001 (1,786) (3,140) 31,815 2,645 (19) 2,160 513 (5,822) (2,219)

25,242 16,820 (1,722) (4,243) 33,338 (8,102) 9,666 196 (2,431) (8,378) 16,248 13,891 30,139

25,750 11,394 1,599 (6,192) (5,710) 26,841 6,192 (2,746) (2,683) 7,805 30,139 37,944

28,262 11,657 504 (6,811) (6,783) 26,829 6,811 (5,110) (2,981) (8,091) 9,979 37,944 47,924

30,509 12,983 (500) (6,947) (7,627) 28,418 6,947 (5,000) (3,279) (8,279) 5,716 47,924 53,640

(5,939) (14,688)

(27,732) (23,017) (33,604)

(8,938) (15,570) (21,370)

(23,103) (18,231) (32,040)

(8,759) (14,422)

20,701 (13,606)

(4,954) (14,907) 24,817 (22,436) 18,268 4,474 22,742 (8,851) 22,742 13,891

14,950 (16,289)

April 20, 2012

12

Reliance Industries | 4QFY2012 Result Update

Key ratios
Y/E March Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield (%) EV/Sales EV/EBITDA EV/Total Assets Per Share Data (`) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value Returns (%) RoCE (Pre-tax) Angel RoIC (Pre-tax) RoE Turnover ratios (x) Asset Turnover (Gross Block) Inventory / Sales (days) Receivables (days) Payables (days) WC cycle (ex-cash) (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Int. Coverage (EBIT/Int.)
0.4 2.0 9.8 0.3 1.2 9.7 0.2 0.8 10.5 0.1 0.3 8.3 (0.0) (0.1) 10.1 (0.1) (0.4) 14.6 1.1 47.4 13.2 84.5 20.9 1.1 48.8 13.4 78.8 8.7 1.1 50.3 14.9 72.8 17.0 1.3 44.3 13.6 65.6 10.7 1.2 50.8 15.6 76.3 9.7 1.1 49.8 14.9 75.0 9.6 10.0 17.4 14.3 9.4 13.5 14.3 10.5 13.0 13.7 8.8 11.6 12.3 9.1 12.0 11.9 9.2 12.2 11.5 44.6 44.6 69.7 6.4 407 74.9 74.9 99.8 7.0 475 62.0 62.0 113.7 8.5 517 61.2 61.2 105.4 9.0 575 65.8 65.8 111.3 10.0 637 70.0 70.0 120.5 11.0 703 16.4 10.5 1.8 0.9 1.7 10.9 1.2 9.8 7.3 1.5 1.0 1.3 8.6 1.2 11.8 6.4 1.4 1.2 1.0 6.7 1.0 11.9 6.9 1.3 1.2 0.7 6.8 0.9 11.1 6.6 1.1 1.4 0.7 6.5 0.9 10.4 6.1 1.0 1.5 0.7 5.6 0.8
FY2009 FY2010 FY2011 FY2012E FY2013E FY2014E

April 20, 2012

13

Reliance Industries | 4QFY2012 Result Update

Research Team Tel: 022 - 39357800

E-mail: research@angelbroking.com

Website: www.angelbroking.com

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Disclosure of Interest Statement 1. Analyst ownership of the stock 2. Angel and its Group companies ownership of the stock 3. Angel and its Group companies' Directors ownership of the stock 4. Broking relationship with company covered

RIL No No No No

Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors

Ratings (Returns):

Buy (> 15%) Reduce (-5% to 15%)

Accumulate (5% to 15%) Sell (< -15%)

Neutral (-5 to 5%)

April 20, 2012

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