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Motilal Oswal Report
Reliance Industries Ltd.’s consolidated revenue grew 3% YoY (down 2% QoQ; inline), while Ebitda rose 23% YoY/9% QoQ (5% beat) in Q4 FY23 fueled by a big beat in the standalone segment.
For FY23, RIL’s revenue/adjusted profit after tax grew 26%/14% YoY. We have built in 10%/ 11% growth in revenue/profit after tax for FY23-25E (upward revision of 1%/2% in Ebitda for FY24/FY25).
Reliance Jio’s revenue grew 2% QoQ (in line) in Q4 FY23, led by 1.5% subscriber additions and marginal rise in average revenue per user. The benefit from reduction in spectrum usage charges is behind but controlled network cost aided Ebitda/profit after tax growth of 2% QoQ each (in line).
Reliance Retail saw healthy revenue/Ebitda growth of 21%/33% YoY (in line) in Q4 FY23 with improving footfalls and growing digital business, but fashion and lifestyle segment remained soft.
Oil-to-chemical’s Ebitda came in 11% above our estimate at Rs 181 billion (up 24% YoY) in Q4 FY23. Ebitda/million tonne for O2C stood at ~$85.5 (down 2% YoY, up 19% QoQ). However, the outlook remains murky amid global capacity additions expected in both refining and petrochem segments.
Net debt remained flat at Rs 1,102.5 billion (versus Rs 1102.2 billion in December 2022) as capex of Rs 444.1 billion was funded internally. Operating cash flow for the year improved to Rs 1,150.3 billion mainly driven by improved profitability.
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