Reliance Industries Ltd. (RIL) will declare its Q2FY12 (quarter ended 30th September 2011) results on 15th October, 2011.

Reliance Industries Ltd. (RIL) will declare its Q2FY12 (quarter ended 30^th September 2011) results on 15^th October, 2011. Our estimates are as under:

Amount in Rupees crore)

Particulars	Q2 ending 30-09-11 (Estimated)	Year ended 31-03-11 (Actual)
Segment Revenue
1) Petrochem	18,060	63,155
2) Refinery	74,500	215,431
3) Oil & Gas	3,450	17,250
4) Others	220	615
Gross Turnover	96,230	296,451
Less: Inter Segment	12,230	37,800
	84,000	258,651
Less: Excise Duty	2,650	10,481
Net Turnover	81,350	248,170
EBIT Margins
1) Petrochem (11.60%)*	2,095	9,305
2) Refinery (4.45%)*	3,315	9,172
3) Oil & Gas (39.40%)*	1,360	6,700
4) Others	10	33
PBIT	6,780	25,210
Less: Interest Expenses	(545)	(2,328)
Add / (Less): Other Unallocated Income / (Exp)	110	(261)
Add: Interest Income	1,030	2,621
PBT	7,375	25,242
Less: Provision for Tax @ 20%	(1,475)	(4,320)
Less: Provision for Def. Tax	(150)	(636)
Profit After Tax	5,750	20,286
EPS	17.55	62.00

*Figures in brackets indicates % margin for Q2FY12

·         BP PAT share will be at around Rs. 205 crores for one month, in 21 oil blocks of KG Basin.

Notes:

1.         GRM for September 2011 quarter is estimated at $10.60 per barrel.

2.         Advance Tax paid by the company –

Installment date	Amount in Rs. crore
On 15-09-11	1,900
On 15-06-11	900
Total	2,800

3.         Debt of the company will be at Rs. 67,000 crores on standalone basis and at Rs. 84,000 crores on consolidated basis.

4.         Cash with the company will be at around Rs. 77,000 crores on 30-09-11. This includes:-

Particulars	Amount in Rs. crore
Cash and cash equivalents as on 30-06-11	45,775
Add: BP deal (balance $5.2 Billion @ Rs. 46/$)	24,000
Add: Q2 PAT	5,750
Add: Dep and def. tax for Q2	3,150
Less: Q2 capex	(1,775)
Cash and cash equivalents as on 30-09-11	76,900

5.         BP Deal has been concluded on 30-08-11, when rupee was ruling at Rs. 46/ US $. Also, BP will be entitled for profit in 21 oil blocks of KG Basin, for one month in this quarter. This will be about Rs. 205 crores.

6.         Oil & Gas production is estimated as under: -

i) KG – D6

a)      130 BCF of natural gas at an average of 48 mmscmd. Presently D1 and D3 are producing 38 mmscmd and MA field about 7 mmscmd.

b)      1.25 million barrels of crude oil.

ii) Panna Mukta

17 BCF of gas and 2.5 million barrels of crude oil.

iii) Tapti

18 BCF of natural gas and 2.50 lakh barrels of crude oil.

7.         Fall in average annual gas production by 10 mmscmd, result in lower PAT of about Rs. 1,000 crores.

8.         Exceptional gain on BP deal vis-à-vis depreciation charge on oil & gas assets thereof, has not been considered.