Reliance Industries Ltd.

NSE: RELIANCE | BSE: 500325 | ISIN: INE002A01018 |Industry: Integrated Oil & Gas
|Expensive Star
2146.45 12.35 (0.58%)
NSE Aug 07, 2020 15:31
Volume: 15.2M

Reliance Industries Ltd.    
31 Jul 2020
HDFC Securities
RIL reported standalone EBITDA/PAT of INR 71/98bn, -48/+18% YoY. During the quarter, (1) INR 44bn was received from British Petroleum (BP) as part consideration for the sale of 49% stake in RIL's Petro Retail Marketing business (disclosed as an exceptional item), (2) INR 16bn worth of tax credit was availed, which arose out of the planned restructuring of the Oil to Chemicals business. Ex-adjustments, PAT was INR 38bn (-55% YoY), which was 19% below estimates owing to 10/11% lower-than-anticipated petchem production and per ton EBITDA Our ADD rating on RIL with a price target of INR 1,992/sh is premised on (1) induction of Facebook, Google, Intel and Qualcomm as partners in Jio Platform, which should enable the company to accelerate the growth of digital connectivity and create value in the digital ecosystem through technology offerings, (2) recovery in refining and petchem businesses in FY22E, (3) a clear path to a stronger balance sheet, (4) potential stake sale in Reliance Retail.
Reliance Industries Ltd. has gained 42.44% in the last 3 Months
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