Reliance Industries Ltd (Q4 FY07) - Result Update

Reliance Industries Ltd (RIL) Q4 FY07 results were marginally below our expectations primarily because of below estimated performance of the petrochemical segment. However, the refining segment continues to surprise us with US$13/bbl GRMs as compared to US$6.8/bbl Singapore GRMs. Oil and Gas production from the PMT field s have increased post implementation of EPOD and NRPOD plans. KG-D6 block is all set to commence production from the second half of 2008. Retail venture has commenced operations during the last fiscal in an astounding manner with RIL investing over Rs40bn. Our sum of parts analysis yields a target price of Rs1,642 an upside of 2.9% on a completed diluted equity. However, upsides cannot be ruled out from earlier commencement of production of gas from KG D-6 and further clarity on retail business. We recommend a HOLD.

Click below for the detailed Result Update:

www.indiainfoline.com/content/rep/Result_Analysis/2007/4/2742007/reliance_0307.pdf

Warm Regards,

Prayesh Jain
India Infoline Ltd.

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