Reliance Industries Ltd. share price target

FY21 has been a landmark year for Reliance Industries Ltd (RIL). The new-age Retail and Digital businesses flourished despite the COVID-led disruption, led by the emergence of RIL's disruptive and aggressive growth philosophy. As a result, this...

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...

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....

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...

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...

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...

Reliance Industries (RIL) Q3FY21 result was below our estimates at operational level (in line with consensus) while PAT was higher than our and consensus estimates on the back of deferred tax reversal and lower interest cost. Higher volume in O2C, robust polymer margin, higher ARPU and lower effective tax rate along with lower interest and higher other income swelled net profit. However, the company's new reporting structure (integrated refining & petrochem division to O2C business), led to non-disclosure of GRM. Lower crack spreads and weaker retail division (excl investment income) performance during Q3 was a disappointment. RIL's expanding FTTH, Enterprise solutions and IoT solution for Home to gain market share in long...

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...