Reliance Industries Ltd. share price target

In Q2FY22, RIL's net sales grew by 51% YoY and 20% QoQ to Rs1,676bn (15% above Bloomberg estimates). Consolidated EBITDA increased by 37% YoY and 11% QoQ to Rs260bn (6% above Bloomberg estimates). EBITDA growth was primarily supported by strong performance in O2C segment, robust recovery in retail and steady momentum in digital services. Net profit expanded by 46% YoY and 12% QoQ to Rs155bn (19% above Bloomberg estimates), mainly due to a sharp decline in finance cost. The company has reported net cash position of Rs36bn against Rs1.6tn net debt as on March 20. During the quarter, consumer segment (Jio + Retail) contributed ~45% of RIL's EBITDA. We are revising...

Reliance Industries’ (RIL) Q2FY22 EPS was up 43% YoY driven by rise in EBITDA across segments and fall in interest cost. Oct’21-TD Singapore GRM is at 25- month high on Chinese refinery utilisation fall, demand rise on switch from gas to liquid fuels, and fall in US and Asian auto fuel inventories.

Consolidated/standalone business EBITDA grew 51%/37% YoY (13%/11% beat led by the standalone business which saw a growth of 62% YoY and 8% QoQ) in 2QFY22. RJio's EBITDA was in line (up 20% YoY and 4% QoQ)....

Revenue was up 49.8% YoY to | 174104 crore as all segments reported revenue growth. It grew 20.6% QoQ led by retail and O2C segment EBITDA was | 26020 crore, up 37.3% YoY, 11.3% QoQ. EBITDA growth YoY was driven by retail (44.1%) and O2C (43.9%) on account of favourable...

RIL continues to up the ante in retail space and launch of 7/11 stores will add to momentum created by Just Dial, Netmeds and Urban Ladder acquisitions We upgrade RIL to BUY' (from earlier Under Review) and increase TP to Rs2,955 (previous Rs2,416) as we incorporate higher value for Hydrocarbon (improved GRMs), Retail (higher multiple for grocery, electronics and fashion) and Telecom businesses (higher ARPU). RIL made its first move of foraying...

What should investors do? Long term prospects and dominant standing of RIL in each of its product & service portfolio, provide comfort for long term value creation. RIL's consumer business will be the growth driver, going ahead. The company has a...

RIL expects to sustain growth across businesses with customer retention/loyalty, operational efficiency, compelling offers and new launches. However, amidst COVID uncertainties, we see limited upside and therefore downgrade our rating on the stock to HOLD with a revised...

Reliance Industries consolidated net sales increased 58.58% to Rs 139949 crore in Q1FY22 compared to Q1FY21. Sales of Others segment rose 48.41% to Rs 12,100.00 crore (accounting for 6.76% of total sales). Sales of Oil and Gas segment has gone up 153.16% to Rs 1,281.00 crore (accounting for 0.72% of total sales). Sales of Organized Retail segment has gone up 21.91% to Rs 38,563.00 crore (accounting for 21.54% of total sales). Sales of Digital Services segment has gone up 9.86% to Rs 23,403.00 crore (accounting for 13.07% of total sales)....

We change our earnings by -4%/+5.1% for FY22/23E, as we expect growth to be back ended. Despite pandemic restrictions, O2C segment benefitted from higher spreads (polymer margins up 30-40% from pre covid levels, albeit lower sequentially) and cost optimization while Jio performance was steady. Retail was hit by lower footfalls (-46% QoQ), but will pick up as restrictions ease. Recovering economic activity augurs well for all RIL's business...

EBITDA for the consolidated/standalone business rose 38%/61% YoY in 1QFY22 on a low base of last year (2% beat). On a QoQ basis, consolidated revenue/EBITDA is up -6%/1%. RJio's EBITDA was in line (up 23% YoY), while the same for Retail grew 79% YoY (6% beat) on a low base. Despite the impact of the second COVID wave, RJio held its ground after the push from the Jio Phone launch in 4QFY21. Revenue/EBITDA grew 4% QoQ (in line) on a steady 14.4m net subscriber additions, along with flattish ARPU. EBITDA margin expanded 10bp QoQ to 47.9%....