Reliance Industries

Reliance Industries Limited is an India-based business enterprise, which operates in the Oil to Chemicals (O2C), Oil and Gas, Retail, Digital Services and Financial Services segments. The O2C phase includes refining, petrochemicals, fuel retailing via Reliance BP Mobility Limited, aviation fuel and bulk wholesale advertising, and its property comprises of refinery off-fuel cracker, aromatics, gasification, multi-feed and fuel crackers in conjunction with downstream production centers, logistics and supply-chain infrastructure. The Oil and Gas segment consists of exploration, improvement and production of crude oil and natural fuel. The Retail section includes consumer retail and a range of related offerings. The Digital Services segment includes provision of various virtual services. The Financial Services section accommodates control and deployment of diagnosed assets of the Company to various activities, including non-banking economic services and coverage broking.

Reliance Industries Share Price

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Peer Comparison

Reliance Industries Quarterly Results

#(Fig in Cr.)	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
Net Sales	123997	154896	144372	174104	191271	211887	223113	232863	220592	216376
Other Income	4453	3237	4219	4224	4047	2457	2247	3514	3147	2918
Total Income	128450	158133	148591	178328	195318	214344	225360	236377	223739	219294
Total Expenditure	102431	131545	121004	148084	161565	180521	185116	201639	185345	177936
Operating Profit	26019	26588	27587	30244	33753	33823	40244	34738	38394	41358
Interest	4326	4044	3397	3819	3812	3556	3997	4554	5201	5819
Depreciation	6665	6973	6883	7230	7683	8001	8946	9730	10187	11456
Exceptional Income / Expenses	-121	797	0	0	2836	0	0	0	0	0
Profit Before Tax	14907	16368	17307	19195	25094	22266	27301	20454	23006	24083
Provision for Tax	88	1387	3464	3755	4688	4390	7793	4867	5266	2787
Profit After Tax	14819	14981	13843	15440	20406	17876	19508	15587	17740	21296
Adjustments	-1718	-1754	-1570	-1760	-1857	-1673	-1553	-1931	-1948	-1997
Profit After Adjustments	13101	13227	12273	13680	18549	16203	17955	13656	15792	19299
Adjusted Earnings Per Share	20.3	20.5	18.7	20.9	27.4	24	26.5	20.2	23.3	28.5

Reliance Industries Profit & Loss

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	TTM
Net Sales	358501	397062	434460	375435	273999	305382	391677	569209	597535	466924	699962	892944
Other Income	8620	10085	10959	8727	12518	9443	9949	8386	13279	17142	14947	11826
Total Income	367121	407147	445419	384162	286517	314825	401626	577595	610814	484066	714909	904770
Total Expenditure	323993	364074	399661	338071	232760	259188	327501	485042	508641	387002	589502	750036
Operating Profit	43128	43073	45758	46091	53757	55637	74125	92553	102173	97064	125407	154734
Interest	2893	3463	3836	3316	3691	3849	8052	16495	22027	21189	14584	19571
Depreciation	14827	13393	13159	11661	11565	11646	16706	20934	22203	26572	29797	40319
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	-4444	5642	2836	0
Profit Before Tax	25408	26217	28763	31114	38501	40142	49367	55124	53499	54945	83862	94844
Provision for Tax	5691	5331	6215	7474	8876	10201	13346	15390	13726	1722	16297	20713
Profit After Tax	19717	20886	22548	23640	29625	29941	36021	39734	39773	53223	67565	74131
Adjustments	7	-7	-55	-74	120	-40	54	-146	-419	-4095	-6860	-7429
Profit After Adjustments	19724	20879	22493	23566	29745	29901	36075	39588	39354	49128	60705	66702
Adjusted Earnings Per Share	32.8	35.2	37.9	39.7	50	50	60.3	66.2	61.5	76.2	89.7	98.5

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	50%	7%	18%	7%
Operating Profit CAGR	29%	11%	18%	11%
PAT CAGR	27%	19%	18%	13%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-11%	18%	21%	20%
ROE Average	9%	10%	11%	11%
ROCE Average	10%	10%	11%	11%

Reliance Industries Balance Sheet

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Shareholder's Funds	169445	182055	198687	218499	231556	263709	293506	387112	449166	700172	779485
Minority's Interest	799	949	959	3038	3356	2917	3539	8280	12181	99260	109499
Borrowings	65352	70960	101016	120777	141647	152148	144175	207506	197631	163683	187699
Other Non-Current Liabilities	11988	12119	13025	23619	37284	52713	56201	77410	91121	79382	113277
Total Current Liabilities	79607	96274	115156	138553	185154	235315	313852	317322	412916	277568	308662
Total Liabilities	327191	362357	428843	504486	598997	706802	811273	997630	1163015	1320065	1498622
Fixed Assets	138814	133487	141417	156458	184910	198526	403885	398374	532658	541258	627798
Other Non-Current Assets	43527	72956	136357	211451	286302	361463	223602	367203	372097	405796	523805
Total Current Assets	144849	155914	151069	136577	127785	146813	183786	232053	258260	373011	347019
Total Assets	327191	362357	428843	504486	598997	706802	811273	997630	1163015	1320065	1498622

Reliance Industries Cash Flow

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Opening Cash & Cash Equivalents	30139	40731	50456	34360	12285	11023	2989	7336	11081	30920	17397
Cash Flow from Operating Activities	24483	36918	43261	34374	38134	49550	71459	42346	94877	26958	110654
Cash Flow from Investing Activities	-6301	-27650	-73070	-64898	-36190	-66292	-68290	-95128	-72520	-142409	-110103
Cash Flow from Financing Activities	-7590	408	13713	8444	-3210	8617	-2001	55906	-2541	101904	17289
Net Cash Inflow / Outflow	10592	9676	-16096	-22080	-1266	-8125	1168	3124	19816	-13547	17840
Closing Cash & Cash Equivalent	40731	50456	34360	12472	11023	2989	4255	11081	30920	17397	36178

Reliance Industries Ratios

#	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Earnings Per Share (Rs)	32.79	35.22	37.89	39.66	49.97	50.05	60.34	66.17	61.5	76.23	89.73
CEPS(Rs)	57.43	57.83	60.15	59.41	69.2	69.61	88.2	101.41	96.85	123.81	143.92
DPS(Rs)	8.5	9	9.5	10	10.5	11	6	6.5	6.5	7	8
Book NAV/Share(Rs)	275.48	304.26	333.24	366.28	387.59	439.91	490.9	647.07	701.87	1023.42	1151.59
Core EBITDA Margin(%)	9.36	8.08	7.8	9.62	14.06	13.99	14.9	13.46	13.47	14.82	13.93
EBIT Margin(%)	7.68	7.27	7.3	8.86	14.39	13.32	13.33	11.46	11.44	14.12	12.42
Pre Tax Margin(%)	6.89	6.42	6.44	8.01	13.13	12.16	11.46	8.82	8.11	10.19	10.58
PAT Margin (%)	5.35	5.11	5.05	6.09	10.1	9.07	8.36	6.36	6.03	9.87	8.52
Cash Profit Margin (%)	9.37	8.39	8	9.09	14.04	12.6	12.24	9.7	9.39	14.8	12.28
ROA(%)	6.21	6.06	5.7	5.07	5.37	4.59	4.75	4.39	3.68	4.29	4.79
ROE(%)	12.57	12.07	11.92	11.38	13.22	12.13	12.95	11.68	9.51	9.6	9.39
ROCE(%)	11.54	10.88	10.45	9.63	10.67	10.09	11.8	12.05	10.34	8.76	9.86
Receivable days	16.16	11.93	7.83	6.92	6.09	6.99	10.9	13.91	13.76	13.09	9.82
Inventory Days	42.19	45.27	45.52	51.66	62.06	52.75	46.52	37.48	39.12	52.65	43.61
Payable days	46.81	49.47	55.58	74.57	115.43	117.54	125.22	99.5	92.33	128.15	103.08
PER(x)	11.3	10.88	12.15	10.3	10.36	13.05	14.49	20.4	17.92	26.28	29.35
Price/Book(x)	1.35	1.26	1.38	1.12	1.34	1.49	1.78	2.09	1.57	1.96	2.29
Dividend Yield(%)	1.14	1.16	1.02	1.21	1	0.83	0.68	0.48	0.58	0.35	0.3
EV/Net Sales(x)	0.77	0.72	0.86	1.04	1.75	1.91	1.88	1.91	1.69	3.27	2.87
EV/Core EBITDA(x)	6.37	6.59	8.17	8.48	8.9	10.51	9.96	11.73	9.89	15.72	16.04
Net Sales Growth(%)	34.87	10.76	9.42	-13.59	-27.02	11.45	28.26	45.33	4.98	-21.86	49.91
EBIT Growth(%)	6.93	4.87	9.83	5.62	22.54	4.26	30.52	24.73	5.46	0.81	29.31
PAT Growth(%)	2.31	5.93	7.96	4.84	25.32	1.07	20.31	10.31	0.1	33.82	26.95
EPS Growth(%)	2.3	7.41	7.58	4.66	26.01	0.15	20.57	9.66	-7.07	23.95	17.72
Debt/Equity(x)	0.56	0.59	0.7	0.74	0.79	0.75	0.75	0.75	0.75	0.38	0.34
Current Ratio(x)	1.82	1.62	1.31	0.99	0.69	0.62	0.59	0.73	0.63	1.34	1.12
Quick Ratio(x)	1.23	1.05	0.82	0.6	0.44	0.42	0.39	0.52	0.45	1.05	0.78
Interest Cover(x)	9.78	8.57	8.5	10.38	11.43	11.43	7.13	4.34	3.43	3.59	6.75
Total Debt/Mcap(x)	0.38	0.43	0.46	0.6	0.54	0.46	0.39	0.33	0.48	0.19	0.15

Reliance Industries Shareholding Pattern

#	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
Promoter	49.14	49.14	49.14	49.14	49.11	49.11	49.11	49.11	49.11	49.11
FII	24.47	24.91	24.37	24.65	23.99	23.47	23.16	22.85	22.8	21.85
DII	12.75	12.48	12.91	13.02	13.4	13.98	14.43	14.69	15.05	15.86
Public	10.88	10.62	10.71	10.29	10.53	10.38	10.33	10.46	10.3	10.6
Others	2.76	2.85	2.86	2.9	2.97	3.07	2.97	2.88	2.74	2.58
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
Promoter	332.31	332.31	332.31	332.31	332.27	332.27	332.27	332.27	332.27	332.27
FII	165.44	168.42	164.8	166.67	162.33	158.77	156.68	154.6	154.25	147.82
DII	86.24	84.38	87.33	88.02	90.65	94.56	97.64	99.43	101.83	107.34
Public	73.57	71.84	72.45	69.57	71.22	70.23	69.88	70.8	69.71	71.72
Others	18.64	19.25	19.32	19.63	20.12	20.77	20.13	19.5	18.54	17.46
Total	676.21	676.21	676.21	676.21	676.6	676.6	676.6	676.6	676.6	676.61

Pros

Debtor days have improved from 128.15 to 103.08days.
Company is almost debt free.

Cons

Promoter holding is low: 49.11%.
Company has a low return on equity of 10% over the last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.