Reliance Industries Ltd (Q4 FY08)_ Maintain BUY

Reliance Industries Ltd (Q4 FY08): Maintain BUY


CMP Rs2,64 2, BUY


Target price Rs3,196,  Upside 21%


ä        Net sales up 35.8% driven by higher realizations across the segments.

ä       GRMs at US$15.5/bbl for Q4 FY08, much in line with expectations.

ä OPM down 270bps to 16.1% as petchem and oil and gas EBIT margin fall.

ä       Three additional discoveries made in Q4 FY08.

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 Rs3,196


Click below for the quarterly update of Reliance Industries Ltd.



Warm Regards,


India Infoline Research Team



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