Reliance Industries Q4 Results Review - Next Leg Of Growth Capex Picking Up: HDFC Securities

HDFC Securities Institutional Equities

Our optimism on Reliance Industries Ltd. is premised on-

1. recovery in the oil-to-chemical businesses;

2. Ebitda growth in the digital business, driven by improvement in average revenue per user, subscriber addition, and new revenue streams; and

3. potential for further value unlocking in the digital and retail businesses.

RIL’s consolidated Ebitda at Rs 384 billion (up 23% YoY; up 9% QoQ, our estimate: Rs 378 billion) and adjusted profit after tax at Rs 193 billion (up 19% YoY, up 22% QoQ), came in above our estimates.

Earnings in Q4 were largely driven by strong growth seen in the O2C segment.

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