Reliance Industries (Q3 FY08): Refining all the way

Thanks to Indiainfoline

Reliance Industries (Q3 FY08): Refining all the way

CMP Rs2,996, BUY

Target price Rs3,316, Upside 10.7%

ä Refining segment reports robust revenue growth and margin expansion on higher realization and record GRMs of US$15.4/bbl.

ä One additional discovery made in the quarter, filed field development plan for NEC-25 and MA oil field. Also received approval from DGH for Sohagpur CBM field development plan.

ä Reliance Retail expanding its foot print through launching of new stores and new formats.

ä Profit was higher on account of profit on stake sale in Reliance Petroleum Ltd (RPL).

ä Firm refining margins, commencement of production of gas from KGD6 in H2 FY09 and additional discoveries to drive future growth.

ä We recommend a BUY with a sum-of-parts target price of Rs3,316.

Click below for the detailed update on Reliance Industries Ltd.

http://www.indiainfoline.com/adserver/InverstorReportREL180108.asp

Warm Regards,

India Infoline Research Team

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