Reliance Industries Limited (RIL) is India's largest private sector enterprise, with businesses in the energy and materials value chain. The Group's activities span exploration and production of oil and gas, petroleum refining and marketing, petrochemicals (polyester, fibre intermediates, plastics and chemicals), textiles, retail, infotel and special economic zones. Reliance enjoys global leadership in its businesses, being the largest polyester yarn and fibre producer in the world and among the top five to ten producers in the world in major petrochemical products. It is India's largest Integrated oil & gas company by market capitalisation.



+    Platts 250:
Reliance Industries Ltd. is the 3rd largest company in the Platts Top 250 Global Energy Company Rankings.
+    Newsweek 500:
It was ranked 438 by Newsweek and Corporate Knights Capital in the World's 500 Greenest Companies 2016. It had outstanding scores of 5% in Carbon productivity.
+    Industryweek 1000:
It is a new entrant in the Industry Week list of the world's largest 1000 manufacturers by Revenues in 2016, ranked 83.
+    IHS Energy 50:
It was ranked 25 in IHS Energy's list of Top 50 Energy Companies 2013; a deterioration over a year from rank 21 in 2012.

Website	http://www.ril.com
Physical Address	3/F Maker Chambers IV 222 Nariman Point Mumbai, 400 021 India
Phone	022-22785000
Fax	22785111/22852214
Email	investor_relations@ril.com

Classification Level	Name of Sector
Business Sector	Energy - Fossil Fuels
Industry Group	Oil & Gas
Industry	Integrated Oil & Gas
Activity	Integrated Oil & Gas
Economic Sector	Energy

Year ended Mar	FY2023	FY2022	FY2021
Sales ($ B)	108.2	88.1	60.1
Pretax ($ B)	11.3	10.1	6.6
Net ($ B)	8	7.3	5.9
EPS (INR)	89.5058	83.523	69.3332

EPS up 7.2% to Rs89.51 in FY2023 [ y.e. 31 Mar 2023]
+    Net profit was up 9.9% from $7.3 billion in FY2022 to $8 billion in FY2023.
+    Earnings Per Share (EPS) was up 7.2% from Rs83.52 in FY2022 to Rs89.51 in FY2023.



Reliance Industries EPS Growth slows to 7.2%
Release Date: May 03, 2023
Reliance Industries (BSE:500325; NSE:RELIANCE), announced EPS of INR98.59 ($1.2) for the year-ended 31 March 2023 [FY2023], up 7.2% from INR92.0 ($1.21) in the previous year-ended 31 March 2022 [FY2022]. EPS growth from the year-ended 31 March 2021 [FY2021] to the year-ended 31 March 2022 [FY2022] was 20%.

Year-ended	31 March [FY/2023]	31 March [FY/2022]
Revenue, INR	904,770 crores	736,581 crores
Revenue, $	11,018 crores	8,970 crores
Growth in Revenue %	22.8	46.5
Net Profit, INR	66,702 crores	60,705 crores
Net Profit, $	812 crores	739 crores
Growth in Net Profit %	9.9	23.6
EPS, INR	98.59	92.0
Growth in EPS %	7.2	20.5

Major changes compared with previous year (FY2023 vs FY2022):
Favourable Changes:
- Net profit up 9.9% from INR60,705.0 crores ($8.0b) to INR66,702.0 crores ($8.1b)
- Total revenue up 22.8% from INR736,581.0 crores ($97.0b) to INR904,770.0 crores ($110.2b)
- EPS up 7.2% from INR92.0 ($1.21) to INR98.59 ($1.2)
- Working capital to total assets up from 2.6% to 2.7%
- Total current assets to Total Assets up from 23.1% to 25.8%
Unfavourable Changes:
- EBIT Margin down from 11.7% to 10.6%
- Profit before tax to Sales down from 11.7% to 10.6%
- Total liabilities to Total assets up 9.8% from 0.4 to 0.5
- Total non-current assets to Total Assets down from 76.9% to 74.2%
- Long-term investments to Total Assets down from 19.2% to 12.3%

Year-on-year comparison of Performance Ratios [FY2023 vs FY2022]

March 31	FY2023	FY2022	Change (%)
Return on Equity (%)	7.9	7.6	Up 3.9
Return on Assets (%)	4.3	4.5	Down 4.4
Total debt to net tangible assets (%)	50.3	42.7	Up 17.8
Debt/Equity (Up 16.2% from 0.37 to 0.43)	0.4	0.4	Up 16.2
Common Size Ratios by Assets %
Long-term investments to Total Assets	12.3	19.2	Down 36.1
Non-current inventory to Total Assets	6.8	4.5	Up 49.9
Current Debtors to Total Assets	1.7	1.6	Up 7.8

Currency Conversion (March 31, 2023): $1 = INR82.12; 1 crore = 10,000,000 and $1 million = Rs8.21 crores.
Currency Conversion (March 31, 2022): $1 = INR75.9

Five-year record of growth and performance:
In the last 5 years Total Revenue averaged INR672,217Cr, EBITDA averaged INR68,647.4Cr and Net Profit averaged INR55,077.8Cr. Compound Annual Growth Rate (CAGR) averaged 16.7% for Total Revenue, 13.1% for Net Profit and 13.9% for EBITDA.

Description	Annual (INR Cr)	5-year Avg (INR Cr)	5-year CAGR %
Total Revenue	904,770	672,217	16.7
EBITDA	94,801	68,647.4	13.9
Operating Profit	94,801	68,647.4	13.9
Net Profit	66,702	55,077.8	13.1

Five-year record of EBITDA, Operating Profit, Net Profit, ROE, ROA and ROCE
In 2023 Net Profit Margin of 8.3% was above its 5-year Avg of 8.2% (All Figures in %)

Description	2023	5-year Avg
EBITDA Margin	10.5	10.2
Operating Profit Margin	10.6	10.2
Net Profit Margin	8.3	8.2
Return on Equity	7.9	8.2
Return on Assets	4.3	4.1
Return on Capital Employed	7.2	7

In the past 3 years, Income Tax as % of profit before tax increased from 3.1% to 21.8% and Income Tax as % of operating cash flow increased from 3.1% to 21.8%.

Description	2023	2022	2021
As % of profit before tax	21.8	19.4	3.1
As % of operating cash flow	21.8	19.4	3.1

In the past 5 years annual dividends have increased by INR3.1 from INR5.9 to INR9.0. Based on a start date of 5 years ago, there has been no decline in dividends over the last 5 years.

Date	Value (INR)	Type
21 Aug 2023	9	Final
Tr 12 Months	9
2022 - 2023	7.26
2021 - 2022	6.36
2020 - 2021	5.9
2019 - 2020	5.9

Board Of Directors

Name	Designation
Haigreve Khaitan	Independent Director
Shumeet Banerji	Non-Executive Independent Director
Arundhati Bhattacharya	Non-Executive Independent Director
Yasir Othman H. Al Rumayyan	Non-Executive Independent Director
Raminder Singh Gujral	Non-Executive Independent Director
Kundapur Vaman Kamath	Non-Executive Independent Director
Kosaraju Veerayya Chowdary	Non-Executive Independent Director

Name	Designation	Date of Resignation
Adil Zainulbhai	Independent Director	31 March 2024
Nita M. Ambani	Director	28 August 2023
P. K. Kapil	Executive Director	15 May 2023
Ml Bhakta	Non-Executive Independent Director	12 August 2019

+ Mukesh D Ambani- Forbes Billionaires Ranking:
Mukesh D Ambani was ranked 9 in the Forbes Billionaires list in the world for 2023, an improvement from rank 10 in 2022. According to Forbes, Mukesh D Ambani's net worth had decreased by (8.0%) $7.3 billion to $83.4 billion in 2023.



Mukesh D Ambani
Chairman & Managing Director
Mr. Mukesh D. Ambani (DIN 00001695) is a Chemical Engineer from the Institute of Chemical Technology, Mumbai (erstwhile the University Department of Chemical Technology, University of Mumbai). He pursued an MBA from Stanford University in the US. He has been on the Board of Reliance since 1977. He initiated Reliance's backward integration journey - from textiles to polyester fibres and further onto petrochemicals and petroleum refining, and going upstream into oil and gas exploration and production. He created multiple new world-class manufacturing facilities involving diverse technologies that have raised Reliance's petrochemicals manufacturing capacities from less than a million tonnes to about 21 million tonnes per year.
In the late nineties, Mr. Mukesh Ambani spearheaded the creation of the world's largest grassroots petroleum refinery at Jamnagar in Gujarat, India, with a capacity of 660,000 barrels per day (33 million tonnes a year), and integrated it with petrochemicals, power generation, port and related infrastructure. Further, he steered the setting up of another 580,000-barrels-per-day refinery next to the first one in Jamnagar. With an aggregate refining capacity of 1.24 million barrels of oil per day at a single location, Jamnagar has become the refining hub of the world.
He also led Reliance's development of infrastructure facilities and implementation of a pan-India organized retail network spanning multiple formats and supply chain infrastructure. Today, Reliance Retail is the largest organised retail player in India. He has created global records in customer acquisition for Jio, Reliance's digital services initiative. He led and established one of the world's most expansive 4G broadband wireless network offering end-to-end solutions that address the entire value chain across various digital services in key domains of national interest, such as education, healthcare, security, financial services, government-citizen interfaces, and entertainment.
Mr. Mukesh Ambani is a member of the Prime Minister's Council on Trade and Industry, Government of India, and the Board of Governors of the National Council of Applied Economic Research, India. He is the Chairman of the Board of Governors, Pandit Deendayal Petroleum University in Gujarat. He is a Board Member of the Interpol Foundation, and a member of The Foundation Board of the World Economic Forum.
Mr. Ambani is also a member of the following forums:
- Indo-U.S. CEOs' Forum
- India Advisory Council of The British Asian Trust (as Chairman)
- International Advisory Council of The Brookings
- McKinsey & Company International Advisory Council
- Global Advisory Council of Bank of America
- The Business Council
- India Advisory Group of the London School of Economics
Mr. Mukesh Ambani is an elected Foreign Member of the prestigious United States National Academy of Engineering. Only nine other Indians have received this honour. He is the Chairman of Reliance Jio Infocomm Limited and Reliance Retail Ventures Limited, and a Director of Reliance Foundation and Reliance Europe Limited. At Reliance Industries, he is the Chairman of the Board of Directors and Finance Committee.
Forbes Billionaires Ranking:
Mukesh D Ambani was ranked 9 in the Forbes Billionaires list in the world for 2023, an improvement from rank 10 in 2022. According to Forbes, Mukesh D Ambani's net worth had decreased by (8.0%) $7.3 billion to $83.4 billion in 2023.

Nikhil R. Meswani
Executive Director
Nikhil Meswani is an Executive Director on the Board of Reliance. A chemical engineer from the University Institute of Chemical Technology (UICT) Mumbai, he joined Reliance in 1986. Working primarily in the Petrochemicals division, he contributed towards Reliance's leadership position in the petrochemicals industry. He also shoulders several other corporate responsibilities, including corporate affairs and group taxation policies. He takes a keen interest in IPL cricket franchise 'Mumbai Indians'.
Nikhil Meswani was the President of Association of Synthetic Fibre Industry and also the youngest Chairman of Asian Chemical Fibre Industries Federation. He was named Young Global Leader by the World Economic Forum in 2005 and continues to actively participate in the activities of the Forum.In 2016, he was ranked 24th by ICIS in Top 40 Power Players, a global ranking of the leading senior executives making the greatest positive impact on their companies and the chemical industry.
In addition, he is a Director of Reliance Commercial Dealers Limited and a member of the Finance Committee and the Shareholders/Investors' Grievance Committee of the company. He is the Chairman of the Audit Committee of Reliance Commercial Dealers Limited.



Haigreve Khaitan
Independent Director
Haigreve is the Managing Partner of Khaitan & Co. He is responsible for the Firm's strategic growth and development. Under his guidance, Khaitan & Co has grown to become India's largest fullservice law firm and the most advanced legal institution in the country.
With over 30 years of professional experience, Haigreve has led some of the most high-profile and challenging matters in India across industries, be it for companies, financial institutions and boards of directors.
As a strategic advisor, he is often brought onboard to devise innovative commercial solutions to solve complex legal and regulatory matters, including mergers and acquisitions, restructurings and insolvencies, structured financing as well as critical disputes, governance challenges and white-collar crime matters.
Haigreve regularly participate in high-level policy-making bodies, including recently as a member of the Competition Commission of India's Committee for the Digital Competition Act, a member of the Securities and Exchange Board of India's Committee on Fair Market Conduct, and a member of the Industry Standard Forum (FICCI, CII, ASSOCHAM) for setting implementation standard for LODR provisions.
He has been consistently recommended by the world's leading accreditation bodies as one of the most prominent lawyers in the country, describing him as an " outstanding lawyer" who is "ex tremely good and very sharp when it comes to large transactions."

Arundhati Bhattacharya
Non-Executive Independent Director
Forty years career as a banker with State Bank of India, the largest bank in India. Held several positions during her career with the bank including working in foreign exchange, treasury, retail operations, human resources and investment banking. This included positions like the chief executive of the bank's merchant banking arm- State Bank of India Capital Markets; Chief General Manager in charge of new projects. She has also served at the bank's New York office. Involved with the launch of several new businesses such as SBI General Insurance, SBI Custodial Services, SBI Pension Funds Pvt. Ltd. and the SBI Macquarie Infrastructure Fund. In 2016, she was named the 25th most powerful woman in the world by Forbes. Ranked among the FT Top 100 Global Thinkers by Foreign Policy magazine. Named the 4th most powerful women in Asia Pacific by Fortune in 2017. India Today magazine ranked her at 19th in India's 50 Most powerful people of 2017 list. In 2018, she was named Business Leader of the Year at The Asian Awards.

Raminder Singh Gujral
Non-Executive Independent Director
Mr. Raminder Singh Gujral (DIN 07175393) is a BA (Economics Honours), LLB, MBA (IIM-Ahmedabad) and MA (Fletcher School, US). He retired from the post of Finance Secretary, Government of India, in 2013. Earlier, he had held the posts of Secretary (Revenue), Secretary (Expenditure) and Secretary (Ministry of Road, Transport and Highways). Hi is an Arbitrator in several disputes pertaining to the 'Road Sector'. He was the Chairman of National Highways Authority of India (NHAI). Also, he had been the Director General of Foreign Trade, and Chairman of the Board of Governors of National Institute of Financial Management. Having held various posts in the Central Government, he has a vast experience in the functioning of Central Board of Excise & Customs and Central Board of Direct Taxes.
Mr. Gujral is a Director of Adani Power Ltd. and Adani Power (Mundra) Ltd. He is also a member of its Audit and Nomination & Remuneration committees of the above companies.
At Reliance Industries, he is an Independent Director and a member of the Audit and the Human Resources, Nomination and Remuneration committees.

Shumeet Banerji
Non-Executive Independent Director
Dr. Shumeet Banerji (DIN 02787784) is the founder of Condorcet, LP - an advisory and investment firm specializing in developing early stage companies. He retired from Booz & Company in 2013 after a 20 year stint at the firm and its predecessor Booz, Allen, Hamilton. He was the founding Chief Executive Officer of Booz & Company. In 2007-08 he co-led the conception, design, and execution of the historic deal separating Booz, Allen, Hamilton, selling the government business to the Carlyle Group and spinning off the global strategy consulting division as Booz & Company.
Dr. Banerji currently serves on the Board of Directors of Hewlett - Packard Company (USA), Proteus Digital Health (USA), Felix Pharmaceuticals (Ireland), Tala Energy (UK) and Reliance Jio Infocomm Ltd. (India). He serves on the Panel of Senior Advisers of Chatham House (The Royal Institute of International Affairs, UK).
He was a member of the faculty at the University of Chicago's Graduate School of Business before joining Booz, Allen. He received his PhD from Kellogg School of Management, Northwestern University where he has previously served on the Dean's Advisory Board.
At Reliance Industries Ltd., Dr. Banerji is an Independent Director and a member of the Human Resources, Nomination and Remuneration and Corporate Social Responsibility and Governance committees.

Reliance Industries is a constituent of the following indices.

Its market capitalisation is $236 billion and accounts for 64.0% of the combined MCap of the BSE Oil And Gas Index.

Index Name	MCap of Index ($ b)	RELIANCE MCap as % of Index
BSE Oil And Gas Index	369	64.0
BSE SENSEX Index	1,760	13.4
Nifty Index	2,157	10.9
BSE 100 Index	2,734	8.6
BSE 200 Index	3,640	6.5
BSE 500 Index	4,291	5.5

In its Global Peer Group of 9 companies RELIANCE is ranked third (3) by MCap, sixth (6) by Revenue, Total Assets and seventh (7) by Net Profit.

Name (Code)	MCap	Revenue	Net Profit	Total Assets
Rank of RELIANCE	3	6	7	6
Reliance Industries (RELIANCE)	236.2B	108.6B	8B	205.6B
Exxon Mobil (XOM)	481.7B	344.6B	36B	376.3B
Chevron (CVX)	307.4B	200.9B	21.4B	261.6B
Shell (SHEL)	231.9B	323.2B	19.4B	406.3B
TotalEnergies (TTE)	174.8B	263.3B	20.5B	303.9B
ConocoPhillips (COP)	152.2B	82.2B	18.7B	93.8B
BP (BP.)	119.2B	213B	15.2B	280.3B
YPF (YPFD)	98.9B	18.8B	2.2B	25.9B
Canadian Natural Resources (CNQ)	82.4B	26.2B	6B	55.4B

GLOBAL PEER COMPARISON: RELIANCE - RELATIVE VALUE INDICATORS

In value terms, comparing relative value of its shares, RELIANCE is ranked

+ 8 out of 9 by Dividend Yield (%) [0.3]
+ 9 out of 9 by Price/Earnings per share [29.6]
+ 7 out of 9 by Price/Sales per share [2.9]
+ 6 out of 9 by Price/Book value per share [2.5]

Name (Code)	Currency Code	Last Price	Div Yld (%)	P/E	P/S	P/Book
Rank of RELIANCE by value			8	9	7	6
Reliance Industries (RELIANCE)	INR	2,907.2	0.3	29.6	2.9	2.5
Exxon Mobil (XOM)	USD	121.3	3.1	13.7	1.4	2.3
Chevron (CVX)	USD	165.3	3.7	14.5	1.5	2.0
Shell (SHEL)	GBX	2,900.2	3.5	12.5	0.7	1.4
TotalEnergies (TTE)	EUR	68.2	4.3	5.7	0.7	2.2
ConocoPhillips (COP)	USD	130.1	2.8	8.9	1.9	3.2
BP (BP.)	GBX	527.2	4.3	7.4	0.6	1.4
YPF (YPFD)	ARS	21,955		4.4	5.3	10.3
Canadian Natural Resources (CNQ)	CAD	105.7	3.6	14.0	3.1	2.8

USD 1=
83.291141 Indian Rupees (INR); 0.933 Euro (EUR); 1.369 Canadian Dollar (CAD)




Reliance Industries vs Indian Market

Out of 3,745 stocks in the Indian Market, Reliance Industries is ranked second(2) by Net Profit $, nineteenth(19) by Price/Net Tangible Assets, Twenty-eighth(28) by P/Sales and Thirty-ninth(39) by P/Earnings.

	Indian Avg	RELIANCE	RELIANCE Rank
Net Profit $	58.7 M	8 B	2
Price/Net Tangible Assets	2.98x	2.5x	19
P/Sales	1.99x	2.9x	28
P/Earnings	24.5x	29.5x	39
P/Earnings/ Growth	-	4.1x	925
Yield (%)	0.99	0.3	972
EPS Growth YOY (%)	-	7.2	1413
ROA (%)	1.4	4.3	1656
EBITDA Margin%	11.2	10.5	1736
ROE (%)	14.2	7.9	1744
Total Debt/Equity (the lower the better)	1.1x	0.4x	2028
Discount to 52-Wk High (%)	6.8	3.9	3395

Negative values are shown in brackets.

Description	RELIANCE	BSE SENSEX Index	% of BSE SENSEX Index	Integrated oil & gas sector	% of Integrated oil & gas sector
Net Profit $	8 B	58.2 B	13.8	8.8 B	90.8
Revenue $	108.6 B	532.2 B	20.4	120.6 B	90.1
Total Assets $	205.7 B	2,138.6 B	9.6	212.2 B	96.9
MCap $	236.2 B	1,759.6 B	13.4	263.2 B	89.7

Description	RELIANCE	BSE SENSEX Index Avg.	Integrated oil & gas sector Avg.
Price/Earnings	29.5	29.4	36.9
P/Earnings/Growth	4.12	-0.34	-3.29
Yield (%)	0.31	1.14	0.39
Price/Net Tangible Assets	2.45	4.93	2.63
Total Debt/Equity (the lower the better)	0.43x	0.86x	0.43x

Reliance Industries has a position of market dominance in the Integrated Oil & Gas sector.
Reliance Industries vs Integrated Oil & Gas sector [Integrated Oil & Gas sector Total in Brackets]
Revenue of Rs9,047.7 billion ($108.6 billion)[90.1% of aggregate sector revenue of Rs10,042.4 billion; down from 91.1% in the previous year.]
Net Profit of Rs667 billion ($8 billion) [90.8% of aggregate sector net profit of Rs734.2 billion; up from 90.7% in the previous year.]

Description	Value	Global Rank	In Asia Region
MCap ($)	236.2B	47	6
Total Assets ($)	205.6B	361	123
Revenue ($)	108.6B	120	54
Net Profit ($)	8B	177	65
Return on Equity %	7.9	16,537	9,822
Net Profit Margin %	8.2	14,023	8,356
Price to Book	2.5	24,998	16,035
Price/Earnings	29.6	18,205	11,520
Yield %	0.3	21,479	13,224
PV1000 (1Year) $*	1,344	8,872	5,117
$* Change (1Year) %	33.7	8,239	4,827

* 1 year ago $1 = INR 81.75
Apr 26, 2024: $ 1 equals INR 83.29

Description	Value	In BSE SENSEX Index	In Indian Market	In Integrated oil & gas sector
Return on Equity %	7.9	27	1,660	7
Net Profit Margin %	8.2	22	1,340	4
Price to Book	2.5	5	1,708	1
Price/Earnings	29.5	15	1,135	4
Yield %	0.3	23	987	5
PV1000 (1Year) INR	1,365	14	1,218	1

A total of 271 patents were issued to Reliance Industries in the last ten years. In the past year 148 patents were issued, 5.5 times average of 27 patents per year.

12 months ended Apr 26	No. of Patents Issued
2024	148
2023	6
2022	7
2021	7
2020	24
2019	23
2018	27
2017	16
2016	11
2015	2
Total	271

Reliance Industries is ranked 5 by patents issued in the past year out of 4,927 India listed companies. A total of 2,307 patents were issued to India listed companies in the past year, an average of 15.6 patents per company. Reliance Industries received 148 patents in the past 12 months, 316 times average.

ADVT: Average Daily Volume of shares Traded
Annual Return: Dividends Paid In a 12-Month Period/Price at the Beginning of the Period + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)
Capital Gain/Loss from n Years Ago to n-1 Years Ago: Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)
Current Ratio: Current Assets/Current Liabilities (times)
Debt/Equity: Net Debt/Net Assets %
Dividend Yield: Dividend Per Share/Share Price (%)
EBIT Margin : Earnings Before Interest and Tax/Revenue (%)
Earnings Yield: Earnings Per Share/Share Price (%)
Income during the n years (3/2/1): Dividends received during the Period
Moving Average Price (n periods): Sum of Prices for each Period/Number of Periods
PV1000: Present value of 1000 invested 1 year/'n' years ago
Price Close/Moving Avg Price: Latest Price/Moving Average Price
Price/Earnings: Share Price/Earnings Per Share (times)
Price/NTA: Closing Share Price/Net Tangible Assets Per Share (times)
Price/Sales: Share Price/Sales Per Share (times)
Relative Price Change [RPC]: Relative price change is price change of stock with respect to Benchmark Index
Relative Strength (6 Months): Price close today/Price close 6 months ago, then ranked by percentile within the entire market.
Return on Assets: Net Profit/Total Assets (%)
Return on Equity (Shareholders' Funds): Net Profit/Net Assets (%)
TSR: Total Shareholder Returns is expressed as an annualized rate of return for shareholders after allowing for capital appreciation and dividend
TTM: Trailing 12 Months
Total Liabilities/Total Assets: Total Liabilities/Total Assets
Volume Index (VI): Number of shares traded in the period/Average number of shares traded for the period
Volume Weighted Average Price (VWAP): The Volume Weighted Average Price (VWAP) is the summation of turnover divided by total volume in the same period.

Disclaimer: While this document is based on information sources which are considered reliable, it has been prepared without consideration of your specific investment objectives, financial situation or needs, so you should carry out your own analysis or seek professional investment advice before an investment decision is made. The document contains unbiased, independent equities data and analysis from Jupiter International (Australia) Pty Ltd trading as BuySellSignals (AFS Licence 222756), who provide round the clock analysis on every stock, every sector, every market, every day. BuySellSignals is not a broker, and does not have executing, corporate advisory or investment banking functions. Jupiter International (Australia) Pty Ltd, its directors, employees and contractors do not represent, warrant or guarantee, expressly or impliedly, that the information contained in this document is complete or accurate.

Data for the BuySellSignals algorithms is drawn from annual reports, company websites and similar sources of publicly available data. It should be used as a guide only.

Created by www.buysellsignals.com