Reliance Industries Q3 Results Review— Good Recovery In Retail, O2C; RJio Weak; Motilal Oswal Reiterates 'Buy'

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Motilal Oswal Report

Reliance Industries Ltd.’s Q3 FY25 consolidated Ebitda was up 12% QoQ (+8% YoY) and came in 4% above our estimate, driven by a recovery in retail (Ebitda grew 9% YoY; 8% beat) and oil-to-chemical (+16% QoQ; 10% beat).

However, RJio was weaker with modest ~3% QoQ Ebitda growth (3% miss) on lower-than-expected tariff hike benefits.

Attributable PAT improved ~7% YoY to Rs 185 billion (+12% QoQ) and was 5% ahead on higher Ebitda.

Reported consolidated net debt declined Rs 10 billion sequentially to Rs 1,155 billion.

The company’s Q3 capex dipped ~5% QoQ to Rs 323 billion (but up ~7% YoY). Its 9M FY25 capex, at Rs 951 billion, was ~12% lower YoY, likely on account of the slowdown in Reliance Jio’s 5G capex.

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