Reliance Industries Ltd. share price target

Reliance Industries (RIL)'s 3QFY22 consolidated revenue/EBITDA was up 57%/38% YoY (in-line), and standalone EBITDA grew 60%. RJio's EBITDA was in-line (up 17% YoY, 6% QoQ), while Retail EBITDA recovered by 24% YoY (inline). RJio's revenue/EBITDA growth was aided by the partial benefit of tariff hikes, which were up 3%/6% QoQ (in-line), and drove ARPUs higher by 6%. This was partly offset by a second consecutive quarter of net subscriber decline of 8.5m. The EBITDA margin improved 120bp sequentially to 49.2%. Reliance Retail's net revenues were up 53% YoY (4% beat) and 25% above...

gas to oil switch (Singapore GRMs at over USD7/bbl vs USD3 in H1) 2) higher gas realization in H2 are at USD6.13/mmbtu (H1 USD3.62) and 3) improving retail profitability trend as pandemic concerns ease. Recent tariff hikes and launch of 4G Jio Phone will accelerate digitization and drive customers to shift from 2G. All round recovery in global economic activity augurs well for all RIL's business segments and we believe RIL is well positioned to incubate new business and pursue inorganic opportunities with its liquid BS. Maintain...

On a consolidated basis, O2C and oil & gas contributed 62% to revenue, while retail, digital and others contributed 28%, 3% and 7%, respectively. At the EBITDA level, O2C and oil & gas contributed 43% while retail, digital...

The Retail segment is seeing strong revival across categories during the festive season, accelerated store adds, and healthy scale in the Digital business these factors should drive sharp growth from 3QFY22. GRMs are weakening amid a worsening COVID situation in Europe. However, the Petrochem segment should offset the impact on the back of good demand and continued delays in upcoming capacities. RIL is trading at EV/EBITDA and P/E of 12x and 19x, respectively, on an FY23E basis. The strong earning levers in the Consumer business should support the stock. Using...

have given RIL an access to latest petrochemicals technologies along with assured crude supplies. RIL has made strong move towards net zero plan by 2035 and plan investment in solar energy, advanced energy storage,...

Company posted robust growth in Q2FY22 revenue of 49.8% YoY to Rs. 174,104cr. The quarter saw robust growth across all consumption baskets led by strong revival in consumer sentiments amid festivities, relaxations in COVID related curbs and vaccinations. Oil to Chemicals business remained the largest contributor to revenue (+58.1% YoY to Rs. 120,475cr, benefited from sharp recovery in demand across products and higher transportation fuel margins). Retail segment grew 15.9% YoY to Rs. 45,450, supported by rapid expansion of both physical stores and digital offerings. Amongst other segments, sharp rise was witnessed in Oil & Gas (+363.1% YoY to Rs....

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.

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...

Early Q3 trends are encouraging given 1) gas to oil switch has led to sharp recovery in GRMs (Singapore GRMs at over USD7/bbl vs USD3.8 in Q2) 2) higher gas realization in H2 are at USD6.13/mmbtu (H1 USD3.62) and 3) festive demand will drive retail profitability. Further launch of 5G Jio Phone will accelerate digitization and drive customer shift from 2G. Also recovering economic activity augurs well for all RIL's business segments and downstream focus will create value, going ahead. We believe RIL is well positioned to incubate new business and pursue inorganic opportunities with...

interest fell 37.23% to Rs 3819 crore. Lower finance costs reflect large paydown of debt and other liabilities. PBDT rose 54.44% to Rs 26425 crore. Provision for depreciation rose 9.12% to Rs 7230 crore. The increase in depreciation is primarily due to higher production in Oil & Gas business and capitalization of assets in Digital Services...