Reliance Results in Graphs. I think this is the best way to view these things.
Revenues are up, Profits are down.
And they’ve kinda sorta killed their EPS growth:
And while revenues in Refining have gone up substantially, EBIDTA on each operating segment has gone down:
They have some serious cash now (after they got lots of it from BP):
Their Oil and Gas Business isn’t lookin’ good.
With Libya coming back up, the light-heavy differential narrowed, and eventually the Gross Refining Margins hurt as well:
There are no real numbers on the new businesses (retail and broadband/web).
The Buyback is on, with a max price of Rs. 870 per share. The share closed at Rs. 792 today (results came in post-market), which means the limit is 10% higher. They’ll use 10,000 cr. of cash to buy these shares back. It will probably start next month. (Read about their last buyback in 2004-05, and why I think it’s only something to pump the stock up)
