Nifty
:
15097.35
Sensex
:
51039.31
115.35 (0.77%)
387.85 (0.77%)
Nifty
Sensex
:
:
15097.35
51039.31
115.35 (0.77%)
387.85 (0.77%)

Reliance Industries Ltd.

Telecommunication - Service Provider

Rating :
61/99

BSE: 500325 | NSE: RELIANCE

NSE BSE
2144.35
25-Feb-2021
  • Open
  • High
  • Low
  • Previous Close
  •  2076.00
  •  2152.00
  •  2073.00
  •  2061.00
  • Volume
  • Traded Value (lacs)
  • 52 Week High
  • 52 Week Low
  •  16085897
  •  341115.75
  •  2369.35
  •  867.43

Stock Summary

  • Market Cap(Crs)
  • Stock P:E
  • Face Value
  • 1,396,738.87
  • 32.85
  • 10
  • Enterprise Value(Crs)
  • Dividend Yield
  • Price:Book Value
  • 1,693,288.38
  • 0.31%
  • 2.26

Shareholding Pattern

  • Promoter
  • Corporate
  • Public
  • 50.54%
  • 0.70%
  • 9.10%
  • FII
  • DII
  • Others
  • 25.18%
  • 12.99%
  • 1.49%

Chart

Price | P:E | P:BV | EV:EBITDA | MCap:Sales | EPS

Revenue CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 8.42
  • 16.84
  • 15.07

EBITDA CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 8.86
  • 16.42
  • 6.57

PAT CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 7.36
  • 5.87
  • 2.91

P:E (Median)

  • 8 Years
  • 5 Years
  • 3 Years
  • 14.39
  • 18.31
  • 21.19

P:BV (Average)

  • 8 Years
  • 5 Years
  • 3 Years
  • 1.79
  • 2.02
  • 2.28

EV:EBITDA (Average)

  • 8 Years
  • 5 Years
  • 3 Years
  • 10.83
  • 12.02
  • 12.89

Quarterly Results

Consolidated Figures in Rs. Crores /

Standalone
Description
Dec 20
Dec 19
Var%
Sep 20
Sep 19
Var%
Jun 20
Jun 19
Var%
Mar 20
Mar 19
Var%
Net Sales
123,997.00
157,165.00
-21.10%
116,195.00
153,384.00
-24.25%
91,238.00
162,353.00
-43.80%
139,283.00
142,565.00
-2.30%
Expenses
102,431.00
134,416.00
-23.80%
97,250.00
130,773.00
-25.63%
74,363.00
140,738.00
-47.16%
117,501.00
121,412.00
-3.22%
EBITDA
21,566.00
22,749.00
-5.20%
18,945.00
22,611.00
-16.21%
16,875.00
21,615.00
-21.93%
21,782.00
21,153.00
2.97%
EBIDTM
15.65%
13.44%
14.76%
13.68%
3.55%
3.55%
14.01%
14.01%
Other Income
4,453.00
3,282.00
35.68%
4,249.00
3,155.00
34.68%
4,388.00
2,846.00
54.18%
4,133.00
2,826.00
46.25%
Interest
4,326.00
5,404.00
-19.95%
6,084.00
5,450.00
11.63%
6,735.00
5,109.00
31.83%
6,064.00
4,894.00
23.91%
Depreciation
6,665.00
5,545.00
20.20%
6,626.00
5,315.00
24.67%
6,308.00
5,011.00
25.88%
6,332.00
5,295.00
19.58%
PBT
14,907.00
14,905.00
0.01%
10,484.00
15,001.00
-30.11%
15.41
15.41
0.00%
9,252.00
13,790.00
-32.91%
Tax
88.00
3,121.00
-97.18%
-13.00
3,703.00
-
1.10
1.10
0.00%
2,677.00
3,431.00
-21.98%
PAT
14,819.00
11,784.00
25.76%
10,497.00
11,298.00
-7.09%
14.31
14.31
0.00%
6,575.00
10,359.00
-36.53%
PATM
10.75%
6.96%
8.18%
6.84%
37.11%
37.11%
7.11%
7.11%
EPS
20.33
18.19
11.76%
14.84
17.60
-15.68%
1.69
1.69
0.00%
28.29
28.29
0.00%

Annual Results

Consolidated Figures in Rs. Crores /

Standalone
Description
TTM
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Mar 15
Mar 14
Mar 13
Mar 12
Mar 11
Net Sales
470,713.00
596,743.00
569,209.00
391,677.00
305,382.00
273,999.00
375,435.00
434,460.00
397,062.00
358,501.00
265,811.00
Net Sales Growth
-23.52%
4.84%
45.33%
28.26%
11.45%
-27.02%
-13.59%
9.42%
10.76%
34.87%
 
Cost Of Goods Sold
148,366.36
405,429.00
394,646.00
267,371.00
212,540.00
189,263.00
294,351.00
363,021.00
332,300.00
298,163.00
204,519.00
Gross Profit
322,346.64
191,314.00
174,563.00
124,306.00
92,842.00
84,736.00
81,084.00
71,439.00
64,762.00
60,338.00
61,292.00
GP Margin
68.48%
32.06%
30.67%
31.74%
30.40%
30.93%
21.60%
16.44%
16.31%
16.83%
23.06%
Total Expenditure
391,545.00
508,537.00
485,042.00
327,501.00
259,188.00
232,760.00
338,071.00
399,661.00
364,074.00
323,993.00
228,075.00
Power & Fuel Cost
-
15,098.00
17,029.00
14,569.00
11,251.00
10,741.00
13,261.00
10,855.00
7,993.00
4,740.00
2,834.00
% Of Sales
-
2.53%
2.99%
3.72%
3.68%
3.92%
3.53%
2.50%
2.01%
1.32%
1.07%
Employee Cost
-
14,075.00
12,488.00
9,523.00
8,388.00
7,407.00
6,262.00
5,572.00
5,179.00
3,955.00
3,324.00
% Of Sales
-
2.36%
2.19%
2.43%
2.75%
2.70%
1.67%
1.28%
1.30%
1.10%
1.25%
Manufacturing Exp.
-
25,534.00
20,973.00
9,042.00
8,614.00
7,788.00
7,816.00
7,310.00
6,911.00
6,888.00
7,263.00
% Of Sales
-
4.28%
3.68%
2.31%
2.82%
2.84%
2.08%
1.68%
1.74%
1.92%
2.73%
General & Admin Exp.
-
36,136.00
26,236.00
19,294.00
8,941.00
9,846.00
8,059.00
5,264.00
3,999.00
3,690.00
3,768.00
% Of Sales
-
6.06%
4.61%
4.93%
2.93%
3.59%
2.15%
1.21%
1.01%
1.03%
1.42%
Selling & Distn. Exp.
-
12,966.00
13,811.00
10,534.00
10,294.00
9,462.00
8,767.00
7,410.00
7,425.00
6,029.00
5,890.00
% Of Sales
-
2.17%
2.43%
2.69%
3.37%
3.45%
2.34%
1.71%
1.87%
1.68%
2.22%
Miscellaneous Exp.
-
1,702.00
2,305.00
982.00
1,121.00
760.00
1,128.00
965.00
395.00
651.00
5,890.00
% Of Sales
-
0.29%
0.40%
0.25%
0.37%
0.28%
0.30%
0.22%
0.10%
0.18%
0.19%
EBITDA
79,168.00
88,206.00
84,167.00
64,176.00
46,194.00
41,239.00
37,364.00
34,799.00
32,988.00
34,508.00
37,736.00
EBITDA Margin
16.82%
14.78%
14.79%
16.38%
15.13%
15.05%
9.95%
8.01%
8.31%
9.63%
14.20%
Other Income
17,223.00
13,967.00
8,386.00
9,949.00
9,443.00
12,518.00
8,613.00
9,001.00
7,924.00
6,194.00
2,851.00
Interest
23,209.00
22,027.00
16,495.00
8,052.00
3,849.00
3,691.00
3,316.00
3,836.00
3,463.00
2,893.00
2,411.00
Depreciation
25,931.00
22,203.00
20,934.00
16,706.00
11,646.00
11,565.00
11,547.00
11,201.00
11,232.00
12,401.00
14,121.00
PBT
34,658.41
57,943.00
55,124.00
49,367.00
40,142.00
38,501.00
31,114.00
28,763.00
26,217.00
25,408.00
24,055.00
Tax
2,753.10
13,726.00
15,390.00
13,346.00
10,201.00
8,876.00
7,474.00
6,215.00
5,331.00
5,691.00
4,783.00
Tax Rate
7.94%
25.66%
27.92%
27.03%
25.41%
23.05%
24.02%
21.61%
20.33%
22.40%
19.88%
PAT
31,905.31
39,247.00
39,485.00
36,016.00
30,009.00
29,509.00
23,566.00
22,493.00
20,879.00
19,724.00
19,294.00
PAT before Minority Interest
29,077.31
39,773.00
39,734.00
36,021.00
29,941.00
29,625.00
23,640.00
22,548.00
20,886.00
19,717.00
19,272.00
Minority Interest
-2,828.00
-526.00
-249.00
-5.00
68.00
-116.00
-74.00
-55.00
-7.00
7.00
22.00
PAT Margin
6.78%
6.58%
6.94%
9.20%
9.83%
10.77%
6.28%
5.18%
5.26%
5.50%
7.26%
PAT Growth
-4.63%
-0.60%
9.63%
20.02%
1.69%
25.22%
4.77%
7.73%
5.86%
2.23%
 
EPS
48.52
59.69
60.05
54.77
45.64
44.88
35.84
34.21
31.75
30.00
29.34

Results Balance Sheet

Consolidated Figures in Rs. Crores /

Standalone
Description
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Mar 15
Mar 14
Mar 13
Mar 12
Mar 11
Shareholder's Funds
453,331.00
387,112.00
293,506.00
263,709.00
231,556.00
218,499.00
198,687.00
182,055.00
169,445.00
154,102.00
Share Capital
6,339.00
5,926.00
5,922.00
2,959.00
2,948.00
2,943.00
2,940.00
2,936.00
2,979.00
2,981.00
Total Reserves
446,973.00
381,177.00
287,569.00
260,746.00
228,582.00
215,539.00
195,730.00
179,094.00
166,466.00
151,112.00
Non-Current Liabilities
288,752.00
284,916.00
200,376.00
204,861.00
178,931.00
144,396.00
114,041.00
83,079.00
77,340.00
77,521.00
Secured Loans
16,224.00
20,082.00
14,565.00
18,897.00
10,845.00
7,475.00
4,593.00
1,881.00
6,067.00
9,398.00
Unsecured Loans
181,407.00
187,424.00
129,610.00
133,251.00
130,802.00
113,302.00
96,423.00
69,079.00
59,285.00
56,838.00
Long Term Provisions
1,790.00
2,856.00
2,906.00
2,353.00
1,231.00
1,554.00
290.00
531.00
421.00
214.00
Current Liabilities
412,916.00
317,322.00
313,852.00
235,315.00
185,154.00
138,553.00
115,156.00
96,274.00
79,607.00
75,094.00
Trade Payables
96,799.00
108,309.00
106,861.00
76,595.00
60,296.00
59,407.00
60,860.00
49,700.00
40,368.00
36,107.00
Other Current Liabilities
220,441.00
143,251.00
168,330.00
125,423.00
99,538.00
45,789.00
17,058.00
23,655.00
17,553.00
20,493.00
Short Term Borrowings
93,786.00
64,436.00
37,429.00
31,528.00
23,545.00
27,965.00
32,792.00
18,362.00
17,283.00
13,752.00
Short Term Provisions
1,890.00
1,326.00
1,232.00
1,769.00
1,775.00
5,392.00
4,446.00
4,557.00
4,403.00
4,742.00
Total Liabilities
1,163,015.00
997,630.00
811,273.00
706,802.00
598,997.00
504,486.00
428,843.00
362,357.00
327,191.00
307,519.00
Net Block
532,658.00
398,374.00
403,885.00
198,526.00
184,910.00
156,458.00
141,417.00
133,487.00
138,814.00
158,100.00
Gross Block
743,788.00
596,522.00
581,284.00
361,293.00
335,499.00
288,866.00
261,019.00
240,971.00
233,475.00
238,293.00
Accumulated Depreciation
211,130.00
198,148.00
177,399.00
162,767.00
150,589.00
132,408.00
119,602.00
107,484.00
94,661.00
80,193.00
Non Current Assets
904,755.00
765,577.00
627,487.00
559,989.00
471,212.00
367,909.00
277,774.00
206,443.00
182,341.00
200,025.00
Capital Work in Progress
109,106.00
179,463.00
187,022.00
324,837.00
228,697.00
166,462.00
91,494.00
49,952.00
25,363.00
28,174.00
Non Current Investment
203,852.00
164,612.00
25,259.00
25,639.00
41,512.00
25,437.00
26,867.00
13,979.00
11,423.00
6,911.00
Long Term Loans & Adv.
36,597.00
14,946.00
9,907.00
10,611.00
15,752.00
19,538.00
17,996.00
9,025.00
6,741.00
6,839.00
Other Non Current Assets
22,542.00
8,182.00
1,414.00
376.00
341.00
14.00
0.00
0.00
0.00
1.00
Current Assets
258,260.00
232,053.00
183,786.00
146,813.00
127,785.00
136,577.00
151,069.00
155,914.00
144,849.00
107,494.00
Current Investments
72,915.00
71,023.00
57,603.00
57,260.00
42,503.00
51,014.00
33,735.00
28,869.00
27,173.00
14,685.00
Inventories
73,903.00
67,561.00
60,837.00
48,951.00
46,486.00
53,248.00
56,720.00
54,601.00
46,692.00
38,520.00
Sundry Debtors
19,656.00
30,089.00
17,555.00
8,177.00
4,465.00
5,315.00
9,411.00
9,750.00
16,939.00
15,696.00
Cash & Bank
30,920.00
11,081.00
4,255.00
3,023.00
11,028.00
12,545.00
37,984.00
50,456.00
40,731.00
30,139.00
Other Current Assets
60,866.00
25,952.00
16,523.00
9,443.00
23,303.00
14,455.00
13,219.00
12,238.00
13,314.00
8,454.00
Short Term Loans & Adv.
33,953.00
26,347.00
27,013.00
19,959.00
17,191.00
13,448.00
12,537.00
11,410.00
12,897.00
5,891.00
Net Current Assets
-154,656.00
-85,269.00
-130,066.00
-88,502.00
-57,369.00
-1,976.00
35,913.00
59,640.00
65,242.00
32,400.00
Total Assets
1,163,015.00
997,630.00
811,273.00
706,802.00
598,997.00
504,486.00
428,843.00
362,357.00
327,191.00
307,519.00

Cash Flow

Consolidated Figures in Rs. Crores /

Standalone
Description
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Mar 15
Mar 14
Mar 13
Mar 12
Mar 11
Cash From Operating Activity
98,074.00
42,346.00
71,459.00
49,550.00
38,134.00
34,374.00
43,261.00
36,918.00
24,483.00
33,338.00
PBT
53,499.00
55,124.00
49,426.00
40,034.00
38,737.00
31,114.00
28,763.00
26,217.00
25,408.00
24,055.00
Adjustment
31,057.00
28,195.00
13,339.00
4,136.00
150.00
7,880.00
9,681.00
8,156.00
10,696.00
14,557.00
Changes in Working Capital
21,904.00
-28,782.00
18,538.00
15,463.00
7,829.00
1,815.00
11,030.00
7,372.00
-6,748.00
-1,039.00
Cash after chg. in Working capital
106,460.00
54,537.00
81,303.00
59,633.00
46,716.00
40,809.00
49,474.00
41,745.00
29,356.00
37,573.00
Interest Paid
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Tax Paid
-8,386.00
-12,191.00
-9,844.00
-10,083.00
-8,582.00
-6,435.00
-6,213.00
-4,824.00
-4,881.00
-4,243.00
Other Direct Exp. Paid
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Extra & Other Items
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-3.00
8.00
8.00
Cash From Investing Activity
-75,717.00
-95,128.00
-68,290.00
-66,292.00
-36,190.00
-64,898.00
-73,070.00
-27,650.00
-6,301.00
-32,044.00
Net Fixed Assets
-20,066.00
-24,099.00
-22,399.00
-36,976.00
-81,302.00
-47,534.00
-32,011.00
-19,023.00
20,234.00
-6,930.67
Net Investments
-157,420.00
-106,461.00
-32,772.00
-35,200.00
-44,677.00
-26,511.00
-33,553.00
1,499.00
-16,356.00
-14,423.38
Others
101,769.00
35,432.00
-13,119.00
5,884.00
89,789.00
9,147.00
-7,506.00
-10,126.00
-10,179.00
-10,689.95
Cash from Financing Activity
-2,541.00
55,906.00
-2,001.00
8,617.00
-3,210.00
8,444.00
13,713.00
408.00
-7,590.00
14,950.00
Net Cash Inflow / Outflow
19,816.00
3,124.00
1,168.00
-8,125.00
-1,266.00
-22,080.00
-16,096.00
9,676.00
10,592.00
16,244.00
Opening Cash & Equivalents
11,081.00
7,336.00
2,989.00
11,023.00
12,285.00
34,360.00
50,456.00
40,731.00
30,139.00
13,891.00
Closing Cash & Equivalent
30,920.00
11,081.00
4,255.00
2,989.00
11,023.00
12,472.00
34,360.00
50,456.00
40,731.00
30,139.00

Financial Ratios

Consolidated /

Standalone
Description
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Mar 15
Mar 14
Mar 13
Mar 12
Mar 11
Book Value (Rs.)
708.38
647.07
495.59
444.13
391.27
369.77
336.41
307.15
278.10
248.24
ROA
3.68%
4.39%
4.75%
4.59%
5.37%
5.07%
5.70%
6.06%
6.21%
6.80%
ROE
9.47%
11.68%
12.95%
12.13%
13.22%
11.38%
11.92%
12.07%
12.57%
13.79%
ROCE
10.31%
12.05%
11.81%
10.09%
10.67%
9.63%
10.45%
10.88%
11.54%
12.36%
Fixed Asset Turnover
0.98
1.06
0.91
0.95
0.94
1.41
1.78
1.72
1.56
1.20
Receivable days
13.77
13.91
10.90
6.99
6.09
6.92
7.83
11.93
16.16
17.02
Inventory Days
39.16
37.48
46.52
52.75
62.06
51.66
45.52
45.27
42.19
48.15
Payable days
75.22
81.03
99.48
93.81
92.56
64.15
49.68
43.76
41.67
56.49
Cash Conversion Cycle
-22.28
-29.64
-42.06
-34.07
-24.42
-5.58
3.67
13.43
16.68
8.68
Total Debt/Equity
0.74
0.75
0.75
0.75
0.79
0.74
0.70
0.59
0.56
0.57
Interest Cover
3.43
4.34
7.13
11.43
11.43
10.38
8.50
8.57
9.78
10.98

Annual Reports:

FY 2020
FY 2019
FY 2018
FY 2017
FY 2016
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011

News Update:


  • Reliance Industries introduces O2C biz demerger ahead of Aramco deal
    23rd Feb 2021, 11:46 AM

    O2C reorganization creates an independent, global scale growth engine for RIL, with strong cash flow generation potential

    Read More
  • Reliance Industries’ telecom arm adds 4.78 lakh subscribers in December
    19th Feb 2021, 09:49 AM

    The company’s total customer base has increased to 40.87 crore

    Read More
  • RIL’s arm signs pacts for sale of assets in Marcellus shale play of south-western Pennsylvania
    4th Feb 2021, 10:07 AM

    A Purchase and Sale Agreement has been signed between RMLLC and NOG on February 3, 2021 for this sale

    Read More
  • Reliance Industries’ telecom arm adds 19.36 lakh subscribers in November
    29th Jan 2021, 09:58 AM

    The company’s total customer base has increased to 40.82 crore

    Read More
  • Reliance Industries rebrands Sports & Lifestyle business as ‘RISE Worldwide’
    27th Jan 2021, 14:27 PM

    RISE Worldwide will continue with the full portfolio of owned and operated brand properties formerly under the banner of IMG-Reliance

    Read More
  • Reliance Industries spins off oil-to-chemical business into new unit
    25th Jan 2021, 09:28 AM

    The oil-to-chemical business unit holds Reliance's oil refinery and petrochemical assets and retail fuel business

    Read More
  • Reliance Industries reports 13% rise in Q3 consolidated net profit
    23rd Jan 2021, 09:07 AM

    Total consolidated income of the company decreased by 19.94% at Rs 128,450 crore for Q3FY21

    Read More
  • SEBI imposes penalties on Reliance Industries, Mukesh Ambani, two other entities
    2nd Jan 2021, 11:42 AM

    The case pertains to sale and purchase of RPL shares in the cash and the futures segments in November 2007

    Read More
  • Reliance Industries’ telecom arm declares free domestic voice calls from January 1
    31st Dec 2020, 14:57 PM

    As per the telecom regulator's directions, 'Bill and Keep' regime is being implemented in the country from January 1, 2021

    Read More
  • Reliance Industries completes acquisition of equity shares in IMG Reliance
    30th Dec 2020, 08:57 AM

    Accordingly, IMG-R has become a wholly-owned subsidiary of the company

    Read More
  • Reliance Industries agrees to buy out IMG Worldwide from sports management JV
    28th Dec 2020, 13:11 PM

    It will buy IMG Worldwide's 50 per cent stake in IMG-Reliance (IMG-R) for no more than Rs 52.08 crore in cash

    Read More
  • Reliance Industries’ telecom arm adds 22.28 lakh subscribers in October
    24th Dec 2020, 11:27 AM

    Following this, the company’s total customer base has increased to 40.64 crore with market share of 35.28%

    Read More
  • Reliance Industries, bp commission first ultra-deepwater gas project
    19th Dec 2020, 09:14 AM

    The company and bp are developing three deepwater gas projects in block KG D6 - R Cluster, Satellites Cluster and MJ

    Read More
  • Reliance Industries’ arm tops in 4G speed chart
    16th Dec 2020, 15:25 PM

    Jio recorded more than double the download speed of its closest competitor Vodafone

    Read More
  • Reliance Industries’ telecom arm working with Realme, others to bring down device prices
    10th Dec 2020, 12:18 PM

    Jio is not only looking at the mobile phone segment but also working on other connected devices

    Read More
  • Reliance Industries’ telecom arm planning to launch Jio 5G service in second half of 2021
    8th Dec 2020, 16:52 PM

    Jio's 5G will be powered by the indigenously-developed network, hardware and technology components

    Read More
  • Reliance Industries’ telecom arm leads funding round in gaming company Krikey
    3rd Dec 2020, 15:31 PM

    With this round, the total funding in Krikey reached $22 million

    Read More
  • Reliance Industries’ telecom arm adds 90.95 million subscribers in 2019
    26th Nov 2020, 17:40 PM

    As per trai report, all service providers have registered decline in their subscriber base except Reliance Jio Infocomm and BSNL during the year 2019

    Read More
  • Google pays Rs 33,737 crore for 7.73% stake in Reliance Industries’ arm
    25th Nov 2020, 09:24 AM

    The transaction also marks the US technology giant's biggest-ever investment in an Indian company

    Read More
  • Reliance Industries’ arm receives subscription amount from Google International LLC
    24th Nov 2020, 10:45 AM

    The company has received the subscription amount of Rs 33,737 crore

    Read More
  • RIL’s step down arm showcases over 40,000 artisan-crafted products during festive season
    24th Nov 2020, 09:24 AM

    A direct result of its three-year-old flagship initiatives - 'Indie by AJIO' and 'Swadesh' - started to provide avenues for sales and employment to local craftsmen

    Read More
  • Reliance Industries completes fund raise exercise for RRVL
    20th Nov 2020, 11:07 AM

    RRVL has received cumulative subscription amount of Rs 47,265 crore from the various financial partners

    Read More
  • Reliance Industries’ arm acquires 96% stake in UrbanLadder
    17th Nov 2020, 09:00 AM

    The said investment represents 96% holding in the equity share capital of UrbanLadder

    Read More

Source: www.accordfintech.com | DISCLAIMER: Information is provided " as is" and solely for informational purposes, not for trading purposes or advice, and may be delayed.