3QFY2016 Result Update | Oil & Gas
January 22, 2016
Reliance Industries
ACCUMULATE
CMP
`985
Performance highlights
Target Price
`1,120
Investment Period
12 Months
Consolidated (` cr)
3QFY16
3QFY15
yoy (%)
2QFY16
qoq%
Net revenue
68,261
93,528
(27.0)
70,901
(3.7)
Stock Info
EBITDA
11,368
8,689
30.8
8,045
41.3
Sector
Oil & Gas
Margin (%)
16.7
9.3
736bp
11.3
531bp
Market Cap (` cr)
319,049
Reported PAT
7,290
5,256
38.7
6,720
11.0
Source: Company, Angel Research
Net Debt (` cr)
86,341
Beta
1.2
Reliance Industries (RIL)’ net sales for 3QFY2016 declined by 27% yoy to
52 Week High / Lo
1,090/797
`68,261cr as against `93,528cr in the corresponding quarter last year, due to
fall in crude oil prices. The EBITDA however increased by 31% yoy to `11,368cr
Avg. Daily Volume
4,158,630
(marginally below our estimate), led by strong gross refining margin (GRM) and
Face Value (`)
10
better-than-expected EBITDA of the Petrochemicals division. The GRM stood at
BSE Sensex
23,962
$11.5/bbl for the quarter, the highest in seven years, as against $7.3/bbl in
Nifty
7,277
3QFY2015.
Reuters Code
RELI.BO
The Petrochemicals segment’s EBIT increased 28% yoy to `2,639cr, led by strong
Bloomberg Code
RIL IN
polymer deltas and higher volumes. This aided in a 463bp yoy expansion in EBIT
margin to 13.6% during the quarter. Falling oil prices coupled with natural
decline in domestic oil and gas production, coupled with the challenging scenario
Shareholding Pattern (%)
for the shale business resulted in an 89% yoy fall in the E&P segment’s EBIT. Store
Promoters
46.7
additions in the Retail segment continued to remain strong with 187 stores added
FII / NRIs / OCBs
19.4
during the quarter. RIL continued building the ecosystem for distribution of Jio
MF / Banks / Indian Fls
13.5
devices, gearing up for its roll out. We believe the Retail and Telecom businesses
Indian Public / Others
20.5
would be the key growth drivers for the company in the coming years.
Outlook and valuation: We believe RIL’s growth in the coming years will be driven
Abs. (%)
3m
1yr
3yr
by its core Refining and Petrochemicals business. We value the Refining business
Sensex
(12.2)
(17.1)
19.2
at 8x EBITDA, while we retain the 6.5x multiple for the Petrochemicals business.
We value the Telecom business at 1x equity investment and Retail at 1x one year
RIL
3.2
8.9
7.0
forward revenue. We retain our Accumulate rating on the stock with a target price
3-year price chart
of `1,120, implying a ~14% upside from current levels.
1,200
Key financials (Standalone)
1,100
Y/E March (` cr)
FY2013
FY2014
FY2015
FY2016E
FY2017E
1,000
Revenue
3,60,297
3,90,117
3,29,076
2,69,959
3,06,554
900
% chg
9.2
8.3
(15.6)
(18.0)
13.6
800
Adj. net profit
19,716
20,173
20,397
25,713
28,440
700
% chg
4.8
2.3
1.1
26.1
10.6
Adj. EPS (`)
67.2
68.6
69.3
87.3
96.5
OPM (%)
8.5
7.9
9.6
14.0
14.3
Source: Company, Angel Research
P/E (x)
13.8
13.2
12.8
11.3
10.2
P/BV (x)
1.6
1.5
1.3
1.2
1.1
RoE (%)
12.1
11.7
11.0
11.3
11.4
RoCE (%)
8.8
8.2
7.7
8.7
9.0
Rahul Dholam
EV/Sales (x)
0.9
0.9
1.1
1.4
1.2
Tel: 022- 3935 7800 Ext: 6847
EV/EBIDTA
10.1
11.1
11.9
10.1
8.7
[email protected]
Source: Company, Angel Research; Note: CMP as of January 21, 2016
Please refer to important disclosures at the end of this report
1
Reliance Industries | 3QFY2016 Result Update
Exhibit 1: 3QFY2016 performance (Consolidated)
(` cr)
3QFY16
3QFY15
yoy%
2QFY16
qoq%
9MFY16
9MFY15
yoy%
Net sales
68,261
93,528
(27.0)
70,901
(3.7)
2,16,292
3,07,965
(29.8)
Raw Material Cost
46,318
73,480
(37.0)
49,451
(6.3)
1,54,999
2,56,159
(39.5)
% of net sales
67.9
78.6
69.7
71.7
83.2
Employee Cost
2,026
1,548
30.9
1,786
13.4
5,788
4,603
25.7
% of net sales
3.0
1.7
2.5
2.7
1.5
Other expenditure
8,549
9,811
(12.9)
11,619
(26.4)
25,915
19,707
31.5
% of net sales
12.5
10.5
16.4
12.0
6.4
Total expenditure
56,893
84,839
(32.9)
62,856
(9.5)
1,86,702
2,80,469
(33.4)
% of net sales
83.3
90.7
88.7
86.3
91.1
EBITDA
11,368
8,689
30.8
8,045
41.3
29,590
27,496
7.6
Margin (%)
16.7
9.3
736bp
11.3
531bp
13.7
8.9
773bp
Interest
921
1,137
(19.0)
972
(5.2)
2,795
2,639
5.9
Depreciation
3,133
2,954
6.1
3,171
(1.2)
9,345
8,760
6.7
Other income
2,426
2,340
3.7
4,507
(46.2)
8,765
6,323
38.6
Profit before tax
9,740
6,938
40.4
8,409
15.8
26,215
22,420
16.9
% of net sales
14.3
7.4
11.9
12.1
7.3
Tax
2,383
1,747
36.4
1,784
33.6
6,096
5,394
13.0
% of PBT
24.5
25.2
21.2
23.3
24.1
Net Profit
7,357
5,191
41.7
6,625
11.0
20,119
17,026
18.2
Minority Int. / Share of ass.
(67)
65
95
113
159
Reported Net Profit
7,290
5,256
38.7
6,720
8.5
20,232
17,185
17.7
Adjusted Net Profit
7,290
5,256
38.7
6,468
12.7
19,980
17,185
16.3
Source: Company, Angel Research
Result highlights
Refining margins well ahead of expectation
The Refining segment posted a strong set of numbers with standalone EBIT nearly
doubling to `6,491cr on a yoy basis. The same was led by strength in standalone
GRMs at $11.5/barrel for the quarter, as against $10.6/barrel in the sequential
previous quarter and Singapore GRM of $8/barrel.
Exhibit 2: Refining segment revenues and EBIT Margin
Exhibit 3: RIL’s GRM vs Singapore GRM
1,20,000
12.0%
14
12
1,00,000
10.0%
10
80,000
8.0%
8
60,000
6.0%
6
40,000
4.0%
4
20,000
2.0%
2
0
0.0%
0
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
Segment Revenue
EBIT Margin (%)
Singapore GRM ($ / bbl)
RIL GRM ($ / bbl)
Source: Company, Angel Research
Source: Company, Angel Research
January 22, 2016
2
Reliance Industries | 3QFY2016 Result Update
The GRM for the quarter came in ahead of our estimate and the highest in 7 years,
led by product mix flexibility, seasonal rebound in middle distillates crack, coupled
with opportunistic crude sourcing and lower energy costs incurred during the
quarter. The Refining and Marketing segment’s revenue decreased 30% yoy to
`57,385cr, led by a decline in crude prices. Jamnagar refineries processed
18MMT of crude with an average utilization of 116%, as against 17.1MMT in the
sequential previous quarter and 17.7MMT in 3QFY2015.
Exhibit 4: Refining volumes
Crude Refined (MMT)
18.5
18
18.0
17.7
17.7
17.5
17.3
17.1
17.1
17
17.0
16.7
16.6
16.5
16.3
16.2
16.0
15.5
15.0
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
Source: Company, Angel Research
Petrochemicals business posts strong margin expansion
The Petrochemicals segment’s revenue declined by 16% yoy to `19,398cr, led by
lower crude and feedstock prices. The EBIT for the segment however increased
28% yoy to `2,639cr, led by strong polymer deltas and stable polyester chain
deltas, coupled with higher volumes. Production volumes increased 21% yoy to
6.4MMT. Higher EBIT resulted in a 463bp yoy expansion in EBIT margin to 13.6%
during the quarter. RIL successfully commissioned its PET facility at Dahej during
the quarter.
Exhibit 5: Strong increase in petchem production
Exhibit 6: Petchem EBIT margin rises 463bp
6.6
30,000
16%
Petchem Production (MMT)
6.4
6.4
14%
25,000
6.2
6.2
12%
20,000
6
10%
5.8
15,000
8%
5.8
5.7
5.7
5.6
5.6
6%
5.6
10,000
5.4
4%
5.4
5.3
5.3
5.3
5,000
2%
5.2
0
0%
5
Petchem Segment Revenue
EBIT Margin (%)
Source: Company, Angel Research
Source: Company, Angel Research
January 22, 2016
3
Reliance Industries | 3QFY2016 Result Update
E&P segment outlook continues to remain bleak
On the domestic front, crude oil production at KG-D6 continued to decline during
the quarter with a 23% yoy fall at 0.36MMBBL, while natural gas production
declined 10% yoy to 34.5BCF. Production at the Panna-Mukta-Tapti (PMT) fields
too declined with crude oil production falling 12% to 1.64MMBBL, while natural
gas production fell 19% to 17.5BCF. Fall in oil and gas production in the fields
could mainly be attributed to geological reasons, with production from Tapti
expected to cease this quarter.
The domestic Oil & Gas segment’s revenue declined 26% yoy to `992cr, led by
decline in both volumes and realisations. The EBIT margin for the segment
declined to 3.9% for the quarter as against 19.8% in 3QFY2015.
On the US shale front, the macroeconomic environment continues to remain
challenging, with higher supplies from the OPEC and slowdown in China affecting
crude prices. Unit realizations of the shale business declined 47% yoy and 14%
qoq. Consequently, even with modest growth in volumes, the revenue for the
quarter declined 48% yoy to `771cr. The segment’s EBIT margin declined to 7.9%
during the quarter as against 38.1% in 3QFY2015.
Exhibit 7: Domestic E&P revenues and EBIT Margin
Exhibit 8: US Shale revenues and EBIT Margin
1,800
35.0%
1,800
45%
40%
1,600
1,600
30.0%
35%
1,400
1,400
25.0%
30%
1,200
1,200
25%
1,000
20.0%
1,000
20%
800
800
15%
15.0%
10%
600
600
10.0%
5%
400
400
0%
5.0%
200
200
-5%
0
0.0%
0
-10%
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
Segment Revenue
EBIT Margin (%)
Segment Revenue
EBIT Margin (%)
Source: Company, Angel Research
Source: Company, Angel Research
Store expansion continues to drive Retail segment revenues
The Retail segment added 187 stores during the quarter, leading to a
29%
increase in revenue at `6,042cr. The store count reached 3,043 with 1,537 of
these being Reliance Digital stores. EBIT margin remained stable at 2.4% resulting
in a 10.5% increase in the segment’s EBIT.
RIL continues building the ecosystem for distribution of Jio devices and gearing up
for its roll out, which would be in a phased manner. Reliance Retail launched its
own brand of 4G LTE smart phones under the brand ‘LYF’ during the quarter and
has received a strong response during the initial roll out phase. Reliance Jio is the
first telecom operator to hold a pan-India unified license and holds the highest
amount of liberalised spectrum among telecom operators, totaling to 751.1MHz.
The company plans to provide seamless 4G services using LTE in 800MHz,
1800MHz and 2300MHz bands through an integrated ecosystem. We believe the
Retail and Telecom businesses would be the key drivers for growth for the
company in the coming years.
January 22, 2016
4
Reliance Industries | 3QFY2016 Result Update
Investment arguments
Growth in core business profits to remain strong
We expect RIL’s core Refining and Petrochemicals business to continue to
outperform, led by its leadership in these segments. Refining margins are expected
to remain strong considering delays in other upcoming refinery projects, which
should limit supplies in the market. Also, new capacity additions are expected to
drive revenues and EBIT of the Petrochemicals business. While the E&P business
would continue to remain a drag, we believe the Refining and Petrochemicals
businesses would more than offset the decline.
Strong investments in Jio and Retail business to drive growth
RIL is nearing the end of its massive capex programme of ~`200,000cr, the full
benefit of which should start showing up from the next fiscal. The company has
made huge investments in Jio (~`100,000cr to be invested by the time of launch
of services), while it continues to invest in the Retail business. RIL plans to expand
its store presence from 200 locations to over 900 cities and towns. Apart from
these, the company has spent ~85% of the capex for its four key projects (petcoke
gasification plant at its refinery, refinery off-gas cracker in petrochemicals,
polyester/aromatics capacity expansion and import of ethane from US). We expect
these investments to drive EBITDA for the company over the coming years.
January 22, 2016
5
Reliance Industries | 3QFY2016 Result Update
Outlook and valuation
We believe RIL’s growth in the coming years would be driven by its core Refining
and Petrochemical business. We value the Refining business at 8x EBITDA, while
we retain the 6.5x multiple for the Petrochemicals business. We value the telecom
business at 1x equity investment and Retail at 1x one year forward revenue. We
retain our Accumulate rating on the stock with a target price of `1,120, implying a
~14% upside in the stock price from the current levels.
Exhibit 9: RIL - SOTP Valuation
Business
Value (` Cr)
Per share (`)
Methodology
Refining Segment
1,95,127
662
EV/EBITDA (8x)
Petrochemicals
1,48,325
503
EV/EBITDA (6.5x)
KG D6
11,014
37
DCF
PMT
4,587
16
EV/EBITDA (4x)
Shale
4,866
17
EV/EBITDA (3x)
Retail
22,681
77
1x Sales
Telecom
29,747
101
1x Equity Investment
Net Debt
(86,341)
(293)
Target Value
3,30,006
1,120
Source: Company, Angel Research
Company background
Reliance Industries Ltd is a Fortune Global 500 company and the largest private
sector company in India with interests in the energy and materials value chain.
Over the years the company has successfully integrated backwards in the energy
chain and has attained leadership in most areas. The company operates one of
the largest refining capacities of 1.24mmbbl/day and has one of the most complex
refineries in the world. The company is now foraying into newer businesses such as
organized retail and broadband services.
January 22, 2016
6
Reliance Industries | 3QFY2016 Result Update
Profit & Loss Statement (Standalone)
Y/E March (` cr)
FY2013
FY2014
FY2015
FY2016E FY2017E
Net Sales
3,60,297
3,90,117
3,29,076
2,69,959
3,06,554
Other operating income
0
0
0
0
0
Total operating income
3,60,297
3,90,117
3,29,076
2,69,959
3,06,554
% chg
9.2
8.3
(15.6)
(18.0)
13.6
Total Expenditure
3,29,510
3,59,240
2,97,474
2,32,173
2,62,797
Raw Material cost
3,03,312
3,30,249
2,65,075
2,00,268
2,27,767
Employee Costs
3,354
3,370
3,686
3,994
4,139
Other Expenses
22,844
25,621
28,713
27,911
30,891
EBITDA
30,787
30,877
31,602
37,786
43,757
% chg
(8.4)
0.3
2.3
19.6
15.8
(% of Net Sales)
8.5
7.9
9.6
14.0
14.3
Depreciation& Amortisation
9,465
8,789
8,488
9,438
11,583
EBIT
21,322
22,088
23,114
28,348
32,174
% chg
(4.1)
3.6
4.6
22.6
13.5
(% of Net Sales)
5.9
5.7
7.0
10.5
10.5
Interest & other Charges
3,036
3,206
2,367
2,528
3,392
Other Income
7,998
8,936
8,721
7,899
8,633
Profit before tax
26,284
27,818
29,468
33,719
37,415
% chg
2.1
5.8
5.9
14.4
11.0
Tax Expense
5,281
5,834
6,749
8,005
8,976
(% of PBT)
20.1
21.0
22.9
23.7
24.0
Recurring PAT
21,003
21,984
22,719
25,713
28,440
Adjusted PAT
19,716
20,173
20,397
25,713
28,440
% chg
4.8
2.3
1.1
26.1
10.6
(% of Net Sales)
5.5
5.2
6.2
9.5
9.3
January 22, 2016
7
Reliance Industries | 3QFY2016 Result Update
Balance Sheet (Standalone)
Y/E March (` cr)
FY2013
FY2014
FY2015
FY2016E FY2017E
SOURCES OF FUNDS
Equity Share Capital
3,229
3,232
3,236
3,238
3,278
Reserves & Surplus
1,76,791
1,93,859
2,12,940
2,34,000
2,57,800
Shareholders Funds
1,80,020
1,97,091
2,16,176
2,37,268
2,60,968
Total Loans
72,427
89,968
97,620
1,03,350
1,11,100
Deferred Tax Liability
12,293
12,376
12,956
13,432
14,132
Other Long term liabilities
-
-
1,404
-
-
Total Liabilities
2,64,740
2,99,435
3,28,156
3,54,050
3,86,200
APPLICATION OF FUNDS
Gross Block
2,13,154
2,22,565
2,36,062
2,59,550
3,24,450
Less: Acc. Depreciation
1,03,406
1,13,159
1,21,499
1,30,900
1,42,400
Net Block
1,09,748
1,09,406
1,14,563
1,28,650
1,82,050
Capital Work-in-Progress
19,116
41,716
75,753
78,600
37,850
Investments
52,509
86,062
1,12,573
1,19,600
1,28,850
Current Assets
1,15,610
1,01,963
65,637
92,350
1,05,500
Cash
49,547
36,624
11,571
12,750
19,700
Inventories
42,729
42,932
36,551
30,050
33,350
Debtor
11,880
10,664
4,661
6,700
8,850
Other
11,454
11,743
12,854
42,850
43,600
Current liabilities
53,871
68,309
69,908
65,150
68,050
Net Current Assets
61,739
33,654
(4,271)
27,200
37,450
Other Assets
21,628
28,597
29,538
-
-
Total Assets
2,64,740
2,99,435
3,28,156
3,54,050
3,86,200
January 22, 2016
8
Reliance Industries | 3QFY2016 Result Update
Cash flow statement (Standalone)
Y/E March (` cr)
FY2013
FY2014
FY2015
FY2016E FY2017E
Profit before tax
39,598
49,547
33,224
33,719
37,415
Depreciation
9,465
8,789
8,488
9,438
11,583
Change in Working Capital
5,782
14,515
8,315
(30,292)
(3,300)
Others
(17,185)
(24,626)
(8,660)
26,743
(1,555)
Direct taxes paid
(4,665)
(6,065)
(6,082)
(7,529)
(8,276)
Cash Flow from Operations
32,995
42,160
35,285
32,079
35,868
(Inc.)/ Dec. in Fixed Assets
(15,911)
(32,399)
(42,634)
(26,335)
(24,150)
(Inc.)/ Dec. in Investments
2,132
(31,232)
(23,403)
(7,027)
(9,250)
Others
(1,018)
(382)
10,039
-
-
Cash Flow from Investing
(14,797)
(64,013)
(55,998)
(33,362)
(33,400)
Issue of Equity
12
183
226
-
-
Inc./(Dec.) in loans
1,230
12,476
5,453
5,730
7,750
Dividend Paid (Incl. Tax)
(2,924)
(3,093)
(3,268)
(3,268)
(3,268)
Others
(6,567)
(4,036)
(3,351)
-
-
Cash Flow from Financing
(8,249)
5,530
(940)
2,462
4,482
Inc./(Dec.) in Cash
9,949
(16,323)
(21,653)
1,179
6,950
Opening Cash balances
39,598
49,547
33,224
11,571
12,750
Closing Cash balances
49,547
33,224
11,571
12,750
19,700
January 22, 2016
9
Reliance Industries | 3QFY2016 Result Update
Key ratios
Y/E March
FY2013
FY2014
FY2015
FY2016E
FY2017E
Per Share Data (`)
Reported EPS
71.5
74.8
77.2
87.3
96.5
Adjusted EPS
67.2
68.6
69.3
87.3
96.5
Cash EPS
103.8
104.7
106.0
119.3
135.9
DPS
9.0
9.5
10.0
10.0
10.0
Book Value
613.1
670.4
734.5
805.4
885.8
Valuation Ratio (x)
P/E (on FDEPS)
13.8
13.2
12.8
11.3
10.2
P/CEPS
9.5
9.4
9.3
8.3
7.2
P/BV
1.6
1.5
1.3
1.2
1.1
Dividend yield (%)
0.9
1.0
1.0
1.0
1.0
EV/Sales
0.9
0.9
1.1
1.4
1.2
EV/EBITDA
10.1
11.1
11.9
10.1
8.7
EV/Total Assets
1.2
1.1
1.1
1.1
1.0
Returns (%)
ROCE
8.8
8.2
7.7
8.7
9.0
ROE
12.1
11.7
11.0
11.3
11.4
Turnover ratios (x)
Asset Turnover (Gross Block)
1.7
1.8
1.4
1.1
1.0
Inventory (days)
39.9
40.1
44.1
45.0
37.7
Receivables (days)
15.3
10.5
8.5
7.7
9.3
Payables (days)
51.8
57.2
76.7
91.3
79.3
WC cycle (ex-cash) (days)
14.9
4.3
(10.4)
(0.9)
19.2
Solvency ratios (x)
Net debt to equity
0.1
0.3
0.4
0.4
0.4
Net debt to EBITDA
0.3
0.6
0.9
0.9
0.8
Interest Coverage
7.0
6.9
9.8
11.2
9.5
January 22, 2016
10
Reliance Industries | 3QFY2016 Result Update
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,
Bombay Stock Exchange Limited and Metropolitan Stock Exchange of India Limited. It is also registered as a Depository Participant with
CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is
a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing
/dealing in securities Market. Angel or its associates including its relatives/analyst do not hold any financial interest/beneficial
ownership of more than 1% in the company covered by Analyst. Angel or its associates/analyst has not received any compensation /
managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. Angel/analyst
has not served as an officer, director or employee of company covered by Analyst and has not been engaged in market making activity
of the company covered by Analyst.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should
make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the
companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine
the merits and risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
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Note: Please refer to the important ‘Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may
have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement
Reliance Industries
1. Analyst ownership of the stock
Yes
2. Angel and its Group companies ownership of the stock
No
3. Angel and its Group companies' Directors ownership of the stock
Yes
4. Broking relationship with company covered
No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
Ratings (Based on expected returns
Buy (> 15%)
Accumulate (5% to 15%)
Neutral (-5 to 5%)
over 12 months investment period):
Reduce (-5% to -15%)
Sell (< -15)
January 22, 2016
11