Solid Balance Sheet, improving market share, diversified portfolio, strong FCFs and accelerated vaccination drive should support company's growth prospects further despite unprecedented challenges. Therefore, we reiterate our BUY rating on the stock with a revised...

RIL reported standalone revenue/EBITDA of INR 807/102bn, +9/-10% YoY and +32/+17% QoQ (17/18% above than our estimates) in 4Q. Standalone APAT stood at INR 76bn, +195/-12% YoY/QoQ (HSIE est: INR 56bn). Our ADD rating on RIL with a price target of INR 2,285 /sh is premised on (1) induction of Facebook, Google, Intel and Qualcomm as partners in Jio Platforms, which should help the company 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) the emergence of a clear path to a stronger balance sheet; and (4) stake sale in the retail business.

Reliance Industries Q4 results: Consolidated PAT jumps 129% YoY, beats estimates; firm to pay Rs 7 dividend Reliance Industries net sales increased 9.59% to Rs 149575 crore in Q4FY21 compared to Q4FY20. The increase in revenue was primarily due to higher volumes in transportation fuels and better price realizations across O2C segment. The robust performance by retail segment across all formats also added to growth in revenue. Exports (including deemed exports) from RIL's India operations increased by 47.0% to Rs 46,406 crore as against Rs 31,559 crore in the trailing quarter due to higher volume and price realizations....

Reliance Industries (RIL)'s 4QFY21 consolidated/standalone business EBITDA was down 10%/9% YoY (in-line). RJio EBITDA was in-line (up 6% YoY), while Retail EBITDA was up 42% YoY (8% miss) on a steady revenue increase. Reliance Jio (RJio)'s revenue fell 6% as the removal of IUC charges dragged down ARPU by 9% partially offset by 4% subscriber growth. EBITDA growth slowed to 2% QoQ (in-line) margins expanded 390bp to 47.8% on the IUC impact. Reliance Retail (RRVL)'s net revenues increased by a strong 21% YoY to INR413b (7% beat). EBITDA was up 42% YoY, with 130bp margin improvement on INR5b...

expanding vaccination coverage will help drive demand (albeit near term challenges in domestic market) and augur well for all RIL's business segments. With stated intention to monetize and forge global partnership across businesses, RIL is well positioned to incubate new business and pursue inorganic opportunities given its liquid BS. We believe positive news flow on global partnerships or stake sale will likely keep valuations at elevated level. Maintain BUY with a PT of 2,256 (Rs2,232). Higher volumes, better spreads drive earnings: RIL reported Q4FY21...

We remain positive on the stock as gradual recovery across the segments, higher demand of Oil and sub-products, and rising customer base under digital services are likely to drive growth in coming periods. Therefore, we reiterate our BUY rating on the stock with a rolled forward target price of Rs. 2,313 based on SOTP valuation. Higher demand and increased volumes led revenue growth Q3FY21 consolidated revenue grew by 6.7% QoQ (-21.1% YoY) to Rs. 123,997cr, due to increase in revenue across all verticals mainly in Oil to chemical (O2C) business...

of Shale Gas assets totaling to Rs 15,691 crore and recognition of Deferred Tax Assets of Rs 15,570 crore in respect of the difference between the book base and tax base of the Shale Gas Operations) compared to EO expense of Rs 177 crore in the corresponding previous year quarter (In view of judgement dated 24th October 2019 of the Honourable Supreme Court of...

RIL reported standalone revenue/EBITDA of INR 613/87bn, -29/-33% YoY and +9/+14% QoQ (4/17% lower than our estimates). Standalone APAT stood at INR 87bn, -9/+34% YoY/QoQ (HSIE est: INR 64bn). The company has provided for impairment in its investment in Shale Gas subsidiaries to the extent of INR 1.2bn. The company has also recognised Deferred Tax Assets of INR 156bn in respect of the difference between the book base and tax base of the Shale Gas operations. This has resulted in a lower tax outgo for 3Q. Our ADD rating on RIL with a price target of INR 2,330 /sh is premised on (1) induction of Facebook, Google, Intel and Qualcomm as partners in Jio Platforms, which should help the company 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) the emergence of a clear path to a stronger balance sheet, and (4) stake sale in the retail business.

Q3FY21 highlights: (a) RIL's EBITDA was in line with estimates at Rs 216bn (5% YoY, +14% QoQ) as Oil-to-Chemicals (O2C) and RJio met expectations while retail outperformed.

We leave our FY22/23E estimates unchanged, but increase FY21 estimates by 34% to factor in deferred tax credit for restructuring of the O2C business and other changes in depreciation and finance charges. Recovering economic activity augurs well for all RIL's business segments and downstream focus...

Over the last five years, RIL has seen a huge transformation from being an energy company to becoming a market leader in both the Digital and Retail space. The contribution from its standalone business to consolidated EBITDA has declined to ~60% in FY20 from ~85% in FY15, and is likely to decrease to ~45% in FY23E. On a segmental standalone basis, petchem's contribution to EBIDTA stood ~35% in FY15 and is likely to grow to ~53% in FY23E on the back of various augmentation/upgrades the company has undertaken to integrate and form an Oil-to-Chemicals (O2C) business (with a total capex spend of ~INR2.4t since FY15)....

DLF: DLF reported Revenue/EBITDA/APAT at Rs 16.1/4.6/3.3 bn, ~2x/3.7x/3.5x our estimates, on back of revenue recognition from Camellias (Rs 7.5bn). Presales rebounded to Rs 8.5bn vs Rs 1.5bn QoQ. Excluding the sale of AMEX commercial campus, sales bookings stood at Rs 4.7bn, a decline of 35% YoY. While office portfolio remains robust with +98% collections, retail is inching towards recovery with footfall at 35-40% of pre-pandemic level. Gradual recovery in presales, strong launch pipeline and REIT plans for DCCDL augur well for re-rating. We maintain BUY on DLF, with unchanged TP of Rs 219, given healthy balance sheet and change our FY21/FY22/FY23 EPS estimates by 3.5/-3.9/-16.3% to front load revenue from Camellias project. DCB Bank: The better-than-expected operating performance led to an earnings beat, despite higher-than-expected provisions. Even as overall deposits de-grew, the bank's focus on improving deposit granularity was evidenta positive. In the near term, growth is likely to be muted, and the bank is likely to focus on relatively less risky segments. We continue to build elevated GNPAs and provisions, despite the significant improvement in collection efficiency. Our estimates remain mostly unchanged. Attractive valuations and the bank's conservative approach to lending drive our positive stance. We maintain ADD with a target price of Rs 123. Reliance Industries: Our ADD rating on RIL with a price target of INR 2,140 /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...

RIL reported standalone revenue/EBITDA of INR 563/76bn, -35/-44% YoY (in line with our estimates). Standalone APAT stood at INR 65bn, -33% YoY (HSIE est: INR 36bn). The deviation in APAT from the estimates was mainly due to the tax expense reversal on account of reduction in the annual effective tax rate for FY21 Our ADD rating on RIL with a price target of INR 2,140 /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) the emergence of a clear path to a stronger balance sheet, and (4) stake sale in the retail business.

RIL Q2 PAT slips 15% YoY; GRM slips to $5.7 per barrel, above estimates RIL achieved revenue of Rs 128,385 crore as compared to Rs 100,929 crore in the trailing quarter. The increase in revenue was primarily due to higher price realizations in O2C segment, strong recovery in Retail operations and sustained subscriber addition with improvement in...

During the quarter, RIL operated its refining and petrochemical units at >90% despite the much lower utilization rates of its Indian peers the company is enjoying the benefits of its integrated Oils-to-Chemicals (O2C) business model. Despite a poor SG GRM benchmark, RIL reported a GRM of USD5.7/bbl. RIL believes the domestic market for petroleum products is poised for recovery. We believe revival in domestic demand, particularly in the Agriculture, Auto, and...

Q2FY21 highlights: (a) RIL's EBITDA beat estimates at Rs 189bn (14.5% YoY, +12% QoQ) led by better retail and petchem EBITDA of Rs 20bn (13.5% YoY) and Rs 60bn (33% YoY) respectively.

We lower our FY21 standalone earnings by 21% to factor in weak H1 performance. We also change our FY22-23E estimates to factor lower refining and petrochemicals spreads and make changes in finance and depreciation...

9 September 2020 Reliance Industries (RIL) has announced that Silver Lake would invest INR75b in Reliance Retail Ventures Ltd (RRVL) at pre-money equity value of INR4.21t. At an estimated net debt of INR100b, the enterprise value stands at INR4.31t. This implies 1.75% stake at post-money equity value of INR4.29t. We understand this is fresh capital infusion in the company unlike the stake sale done in Jio Platforms. Media reports suggest that more investments could follow in RRVL. These reports are in line with the Chairman and Managing Directors comments in the RIL AGM about strategic stake sale in RRVL, which would aid in nurturing its new ventures like Jiomart. Silver Lake has already invested INR101b in RIL (it has picked up 2.08% stake in Jio Platforms). With combined AUM of >USD60b focused on global tech-enabled opportunities, Silver Lake is a leader in large-scale technology investing.

RIL: Expanding footprint in retail. DCBB: Clarity on asset quality by Q3FY21

RIL's retail business subsidiary RRVL - announced ~Rs247 bn investment in Future enterprises (FEL).