The Retail segment is seeing strong revival across categories during the festive season, accelerated store adds, and healthy scale in the Digital business these factors should drive sharp growth from 3QFY22. GRMs are weakening amid a worsening COVID situation in Europe. However, the Petrochem segment should offset the impact on the back of good demand and continued delays in upcoming capacities. RIL is trading at EV/EBITDA and P/E of 12x and 19x, respectively, on an FY23E basis. The strong earning levers in the Consumer business should support the stock. Using...