Reliance Industries Ltd. share price target

The annual general meeting hosted by Reliance Industries (RIL) is a highly anticipated event in the corporate calendar.

Pivoted towards consumption and new-age technology in India and beyond for sustainable growth

Reliance Industries (RIL), in its latest AGM laid out the blueprint for value creation over the next decade, with its emphasis on continuing its transition to a new-age digital conglomerate. With emphasis on growing its digital footprint by expanding Jio’s product and solutions bouquet, accelerating efforts to transition to new energy and specialty chemicals, and continuing to leverage the world-scale platform established by its retail segment, RIL sees a radically different future for itself over the next decade vs the last 40 years.

The FY23 annual report of Reliance Industries (RIL) throws up some interesting data points: i) Capex of INR 1.4trn had grown by a material INR 423bn in FY23, ii) resultant, net debt (including spectrum and other deferred payment liabilities) expanded sharply to INR 1.05trn, despite a material INR 428bn of increase in cash + equivalents for the year.

Q1 results broadly in line as the energy business optimised operations and consumer business continued momentum

Reliance Industries (Reliance) reported YoY flat EBITDA and ~11% YoY decline in net earnings in Q1FY24. The oil-to-chemical (OTC) segment lagged with 27% YoY decline in segmental EBIT, reflective of the weak demand trends in downstream petroleum segment. Upstream, retail and digital services continued to show good YoY momentum – with sharply higher gas production from the new fields and sustained improvement in retail footprint driving growth.