Balance Sheet of Reliance Industries ------------------- in Rs. Cr.

-------------------
Mar 19 Mar 18 Mar 17 Mar 16 Mar 15

12 mths 12 mths 12 mths 12 mths 12 mths

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Equity Share Capital 6,339.00 6,335.00 3,251.00 3,240.00 3,236.00
Total Share Capital 6,339.00 6,335.00 3,251.00 3,240.00 3,236.00
Reserves and Surplus 398,983.00 308,297.00 285,058.00 236,936.00 212,923.00
Total Reserves and Surplus 398,983.00 308,297.00 285,058.00 236,936.00 212,923.00
Total Shareholders Funds 405,322.00 314,632.00 288,309.00 240,176.00 216,159.00
Equity Share Application Money 0.00 15.00 4.00 8.00 17.00
NON-CURRENT LIABILITIES
Long Term Borrowings 118,098.00 81,596.00 78,723.00 77,866.00 76,227.00
Deferred Tax Liabilities [Net] 47,317.00 27,926.00 24,766.00 13,159.00 12,677.00
Other Long Term Liabilities 504.00 504.00 0.00 0.00 0.00
Long Term Provisions 2,483.00 2,205.00 2,118.00 1,489.00 1,404.00
Total Non-Current Liabilities 168,402.00 112,231.00 105,607.00 92,514.00 90,308.00
CURRENT LIABILITIES
Short Term Borrowings 39,097.00 15,239.00 22,580.00 14,490.00 12,914.00
Trade Payables 88,241.00 88,675.00 68,161.00 54,521.00 54,470.00
Other Current Liabilities 73,900.00 85,815.00 60,817.00 54,841.00 19,063.00
Short Term Provisions 783.00 918.00 1,268.00 1,170.00 4,854.00
Total Current Liabilities 202,021.00 190,647.00 152,826.00 125,022.00 91,301.00
Total Capital And Liabilities 775,745.00 617,525.00 546,746.00 457,720.00 397,785.00
ASSETS
NON-CURRENT ASSETS
Tangible Assets 194,895.00 191,879.00 145,486.00 91,477.00 79,778.00
Intangible Assets 8,293.00 9,085.00 9,092.00 39,933.00 34,785.00
Capital Work-In-Progress 105,155.00 92,581.00 128,283.00 97,296.00 65,178.00
Intangible Assets Under Development 6,402.00 6,902.00 4,458.00 9,583.00 10,575.00
Fixed Assets 314,745.00 300,447.00 287,319.00 238,289.00 190,316.00
Non-Current Investments 271,980.00 171,945.00 140,544.00 112,630.00 62,058.00
Long Term Loans And Advances 31,806.00 17,699.00 10,418.00 16,237.00 29,259.00
Other Non-Current Assets 4,287.00 3,522.00 2,184.00 0.00 0.00
Total Non-Current Assets 622,818.00 493,613.00 440,465.00 367,156.00 281,633.00
CURRENT ASSETS
Current Investments 59,556.00 53,277.00 51,906.00 39,429.00 50,515.00
Inventories 44,144.00 39,568.00 34,018.00 28,034.00 36,551.00
Trade Receivables 12,110.00 10,460.00 5,472.00 3,495.00 4,661.00
Cash And Cash Equivalents 3,768.00 2,731.00 1,754.00 6,892.00 11,571.00
Short Term Loans And Advances 4,876.00 3,533.00 4,900.00 11,938.00 12,307.00
OtherCurrentAssets 28,473.00 14,343.00 8,231.00 776.00 547.00
Total Current Assets 152,927.00 123,912.00 106,281.00 90,564.00 116,152.00
Total Assets 775,745.00 617,525.00 546,746.00 457,720.00 397,785.00
OTHER ADDITIONAL INFORMATION
CONTINGENT LIABILITIES, COMMITMENTS
Contingent Liabilities 111,869.00 66,970.00 73,386.00 79,905.00 80,641.00
CIF VALUE OF IMPORTS
Raw Materials 0.00 0.00 0.00 146,516.00 241,456.00
Stores, Spares And Loose Tools 0.00 0.00 0.00 4,142.00 3,217.00
Capital Goods 0.00 0.00 0.00 13,897.00 9,788.00
EXPENDITURE IN FOREIGN EXCHANGE
Expenditure In Foreign Currency 307,558.00 221,977.00 0.00 8,013.00 7,785.00
REMITTANCES IN FOREIGN CURRENCIES FOR
DIVIDENDS
Dividend Remittance In Foreign Currency - - - 1,311.00 622.00
EARNINGS IN FOREIGN EXCHANGE
FOB Value Of Goods - - - 137,634.00 209,169.00
Other Earnings 214,337.00 169,763.00 - 198.00 229.00
BONUS DETAILS
Bonus Equity Share Capital 5,188.89 5,188.89 2,108.56 2,108.56 2,108.56
NON-CURRENT INVESTMENTS
Non-Current Investments Quoted Market
12,874.00 12,182.00 15,991.00 30,647.00 16,950.00
Value
Non-Current Investments Unquoted Book
259,314.00 160,045.00 124,851.00 83,583.00 45,920.00
Value
CURRENT INVESTMENTS
Current Investments Quoted Market Value 23,933.00 13,133.00 10,731.00 9,949.00 19,158.00
Current Investments Unquoted Book Value 35,623.00 40,144.00 41,175.00 29,870.00 32,165.00

In 2002, Reliance enters the Infocomm business and brings about a revolution in mobile
telephony in India. In 2005, Reliance makes a strategic decision to reorganise its businesses
through a demerger. Power generation and distribution, financial services and
telecommunication services are demerged into separate entities

Purpose of study
The purpose of financial statement analysis is to examine past and current financial data so that a company's
performance and financial position can be evaluated and future risks and potential can be estimated. Financial
statement analysis begins with establishing the objective of the analysis.

Objective
The primary objective of financial statement analysis is to understand and diagnose the information
contained in financial statement with a view to judge the profitability and financial soundness of the
firm, and to make forecast about future prospects of the firm.

1. Identify the structure of the financial statements

2. Identify company strategies.
3. Assess the quality of the firm's financial statements.
4. Analyse current profitability and risk.
Analytical Tools
 Comparative statements

 Common size statements

 Trend analysis

 Ratio analysis

Methodology

Several techniques are commonly used as part of financial statement analysis. Three of the most
important techniques include horizontal analysis, vertical analysis, and ratio analysis.
Horizontal analysis compares data horizontally, by analysing values of line items across two or more
years.

Dhirubhai Ambani (28 December 1932 – 6 July 2002) returns to India in 1957 after a stint with A.
Bessie & Co., Aden, Yemen. He starts a yarn trading business from a small 500 sq. ft. office in Masjid
Bunder, Mumbai, but dreams of establishing India’s largest company.

In 1977, Reliance textiles Industries’ IPO created history by introducing equity cult in India. The issue
was oversubscribed by seven times strengthening Reliance’s growth ambition.

Racing forward, Reliance sets up a mill in Naroda, Gujarat, sparking off Reliance’s backward
integration journey. Mukesh Ambani leads the establishment of Reliance’s first mega
manufacturing project at Patalganga in a record of 18 months. In 2000, Reliance commissions the
world's largest grassroots refinery in a record 36 months: the Jamnagar petrochemicals and integrated
refinery complex. With the development of the associated green belt, the desert surrounding Jamnagar
becomes home to another man-made wonder – Asia’s largest mango orchard! In 2002, Reliance enter
infocomm business and brought revolution in mobile telephony of India. In 2004, Reliance emerges as
the first and only private Indian organisation to be listed in the Fortune Global 500 list.

Investing in energy security of India, Reliance commence in production of Hydrocarbons in its KGD6-
block against all in just over two years of its discovery, making it the world’s fastest green-field deep-
water oil development project. Reliance Retail becomes the largest retailer by revenue in 2014, fulfilling
the aspirations of millions across the country.

Reliance has always made sustainable development the cornerstone of its business strategy to achieve
sustainable and profitable growth, creating in its wake thriving eco-systems around all its businesses. To
provide impetus to various developmental initiatives of RIL, Reliance Foundation was set up in 2010 as
an expression of its vision towards sustainable growth in India.

In December, 2017 of the same year, Reliance celebrates its 40th year. Chairman and Managing Director
Mr. Mukesh Ambani says, “In just 4 decades, Reliance has grown from a small startup to one of the
largest, most admired companies in the world.”
Reliance's products and services portfolio touches almost all Indians on a daily basis, across economic
and social spectrums.While the company has more than 30 lakh shareholders, the Ambani family holds
nearly 52% of the total shares. Also, the company has over 24,000 employees and had a revenue of
Rs.622,809 crore.

Mar 19 Mar 18 Mar 17 Mar 16 Mar 15

Per Share Ratios

Basic EPS (Rs.) 55.48 53.08 96.90 84.66 70.25
Diluted EPS (Rs.) 55.47 53.04 96.73 84.66 70.25
Cash EPS (Rs.) 72.13 68.18 122.70 114.15 96.44
Book Value [ExclRevalReserve]/Share (Rs.) 639.41 496.66 886.83 741.28 667.98
Book Value [InclRevalReserve]/Share (Rs.) 639.41 496.66 886.83 741.28 667.98
Dividend / Share(Rs.) 6.50 6.00 11.00 10.50 10.00
Revenue from Operations/Share (Rs.) 585.30 457.84 744.46 719.62 1,016.92
PBDIT/Share (Rs.) 106.76 94.65 159.84 147.29 124.61
PBIT/Share (Rs.) 90.11 79.53 133.80 117.76 98.38
PBT/Share (Rs.) 74.72 72.18 125.43 110.19 91.06
Net Profit/Share (Rs.) 55.47 53.06 96.66 84.62 70.21
Profitability Ratios
PBDIT Margin (%) 18.24 20.67 21.47 20.46 12.25
PBIT Margin (%) 15.39 17.37 17.97 16.36 9.67
PBT Margin (%) 12.76 15.76 16.84 15.31 8.95
Net Profit Margin (%) 9.47 11.58 12.98 11.75 6.90
Return on Networth / Equity (%) 8.67 10.68 10.89 11.41 10.51
Return on Capital Employed (%) 9.95 11.80 11.04 8.24 7.41
Return on Assets (%) 4.53 5.44 5.74 5.98 5.71
Total Debt/Equity (X) 0.39 0.31 0.35 0.38 0.41
Asset Turnover Ratio (%) 47.82 46.96 44.26 50.93 82.72
Liquidity Ratios
Current Ratio (X) 0.76 0.65 0.70 0.72 1.27
Quick Ratio (X) 0.54 0.44 0.47 0.50 0.87
Inventory Turnover Ratio (X) 8.40 7.33 7.11 8.32 9.00
Dividend Payout Ratio (NP) (%) 10.10 9.68 0.00 11.28 12.95
Dividend Payout Ratio (CP) (%) 7.77 7.53 0.00 8.36 9.43
Earnings Retention Ratio (%) 89.90 90.32 0.00 88.72 87.05
Cash Earnings Retention Ratio (%) 92.23 92.47 0.00 91.64 90.57
Valuation Ratios
Enterprise Value (Cr.) 1,017,464.40 653,357.80 528,420.92 424,125.00 344,442.92
EV/Net Operating Revenue (X) 2.74 2.25 2.18 1.82 1.05
EV/EBITDA (X) 15.03 10.90 10.17 8.89 8.54
MarketCap/Net Operating Revenue (X) 2.33 1.93 1.77 1.45 0.81
Retention Ratios (%) 89.89 90.31 0.00 88.71 87.04
Price/BV (X) 2.13 1.78 1.49 1.41 1.23
Price/Net Operating Revenue 2.33 1.93 1.77 1.45 0.81
Earnings Yield 0.04 0.06 0.07 0.08 0.09
 9,06934 11,943,40.00 19,458,29.00 15,309,32.00

13,935.08 13,935.08 14,536.49 15,737.98

Value of sales and services increased by 27.2% to Rs. 4,00,986 crore (US$ 58 billion).

- Exports increased by 27.4% to Rs. 2,24,391 crore (US$ 32.4 billion).

- PBDIT increased by 12.9% to Rs. 67,676 crore (US$ 9.8 billion).

- Profit Before Tax increased by 3.6% to Rs. 47,367 crore (US$ 6.8 billion).

- Cash Profit increased by 4.6% to Rs. 48,485 crore (US$ 7.0 billion).

- Net Profit increased by 4.6% to Rs. 35,163 crore (US$ 5.1 billion).

- Gross Refining Margin stood at US$ 9.2 / bbl for the year ended March 31, 2019.

The Board of Directors has recommended a dividend of Rs. 6.50 per equity share of Rs. 10/each (@65%) for

the financial year ended March 31, 2019 (last year Rs. 6/- per equity share).