Mukesh Ambani led Reliance Industries (RIL) will be announcing its fourth quarter financial results on Tuesday, April 16. We have collated views of brokers on how they see earnings this time around. The same are as follows:
Bank of America-Merrill Lynch expects RIL's (Q,N,C,F)* 4Q FY13 net profit at Rs 55.7 billion, up 32% YoY on the low base of 4Q FY12 and 1% QoQ. It expects RIL's 4Q FY13 EBIT to be up 44% YoY driven by refining EBIT rise of 88% YoY. RIL's theoretical GRM for 4Q works out to USD 7.9-8.9/bbl but it is assuming GRM to be USD 9.65/bb (up 27% YoY and 1% QoQ).
Nomura expects RIL's net profit to growth of 30% y-o-y to Rs 55.2 billion. It expects RIL's refining margins to improve to USD 10/bbl, but refining EBIT to fall by 5% due to maintenance shut down. It expects further recovery in petchem, and further declines in E&P.
Edelweiss Securities expects RIL's GRMs are estimated at USD 9.8/bbl (USD 9.6/bbl in Q3FY13) while throughput is down 7% QoQ due to maintenance shutdown. KG-D6 gas production is estimated at 19.8mmscmd, down 17.5% QoQ. The company's PAT is estimated at Rs 55.4 billion, nearly unchanged QoQ and up 30.8% y-o-y.
Prabhudas Lilladher expects RIL's net profit to growth of 31.3% y-o-y (1.1% sequential rise) to Rs 55.6 billion. Q4 refining margins are expected to be USD 10/barrel v/s USD 9.6/bbl in the last quarter. Petchem segment EBIT is expected to improve on the back of higher polymer prices during the quarter.
India Infoline (IIFL) expects net profit to rise of 30.7% y-o-y (0.6% sequential rise) to Rs 55.35 billion. It expects a growth of 12.2% y-o-y in net sales (1.8% sequential rise) to Rs 955.84 billion.
Motilal Oswal Securities expects net profit to go up 29% y-o-y to Rs 54.7 billion (v/s Rs 42.4 billion in 4QFY12 and Rs 55 billion in 3QFY13). It estimates RIL to report 4QFY13E GRM at USD 10/bbl v/s USD 9.6/bbl in 3QFY13. Singapore GRM increased 36% QoQ due to strong auto fuel cracks. It also expects some recovery in petchem profits.
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