Reliance Industries Ltd. share price target

Standalone EBITDA in line; RJio delivers +ve EBIT from 1st quarter itself Reliance Industries' (RIL) 2QFY18 standalone EBITDA rose 23% YoY (+12% QoQ) to INR129.8b, largely in line with our estimate of INR126b. PAT rose 7% YoY (+1% QoQ) to INR82.6b, below our estimate of INR88.2b, due to higher interest expense of INR13b (est. of INR9.4b) and a higher tax rate at 27.9% v/s 22% in 1QFY18 and 24% in 2QFY17. Interest expense was higher due to forex loss of INR4.5b. GRM of USD12/bbl was below our estimate of USD12.6, while refining throughput of...

Raise estimates; maintain BUY: We increase FY18/19E EPS by ~8% to factor in (a) USD 0.5/bl hike in GRM, (b) benefits of ethane imports (USD 250 mn). Revised TP stands at Rs 1,785 (Rs 1,545 earlier). At CMP, the stock trades at 15x FY19E EPS of Rs 105 and 14x FY17E EPS of Rs 116.

Revenue fell by 1.59% to Rs. 83471.0 Cr in Q1FY18 when compared to the previous quarter Revenue fell by 1.59% to Rs. 83471.0 Cr in Q1FY18 when compared to the previous quarter

RIL in FY17 continued its focus on downstream businesses and rollout of telecom business, which together accounted for 85% of Rs 1.1 tn total capex. This was funded through operating cash flow (Rs 428 bn, up 10% YoY), debt (Rs 295 bn), supplier's credit & deferred payment (Rs 188 bn) and internal ..

Capex cycle ends: RIL aims to fully commission all downstream projects by Dec '17, and realize full benefit of expansion from Q4FY18.We raise our TP to Rs 1,600 (Rs 1,330 earlier) to reflect (a) higher EV/E of 7x (6.5x earlier) given our conservative margin assumptions, and (b) rollover of TP to M..

We believe long-term investments in upgrading the refining complex and increasing the petrochemicals capacity are long-term positives. Hence, we assign BUY rating on the stock with a TP of Rs1,584 (SOTP valuation). Strong core operating performance RIL reported highest quarterly profit (12.8% YoY) in Q4FY17 on a standalone basis led by strong GRM (USD11.5/bbl) coupled with lower finance charges (60% YoY) and lower tax rate of 18.5% (24.5% in Q4FY16). gross refining margin (GRM) improved to USD11.5/bbl from USD10.8/bbl in Q4FY16. RIL's GRM premium over Singapore complex GRM widened to USD5.1/bbl from...

Revenue grew by 6.82% to Rs. 84823.0 Cr in Q4FY17 when compared to the previous quarter. Also, it increased by 42.09% when compared with Q4FY16.

RILs standalone numbers continued to impress led by a strong GRM ($ 11.5/bbl) and higher petchem margins. Q4 EBITDA was at Rs 113bn ( 9% YoY), despite weak domestic demand for petchem (demonetisation).

middle and light distillates crack spread. However, Petchem segment's segment profit disappointed a bit which reported EBIT growth of 27% YoY to Rs34.5 bn (IDBIest Rs36 bn) translated into EBIT...