Reliance Industries Q4 Review - Results Beat Estimates: Systematix

Systematix Research Report

Reliane Industries Ltd.’s Q4 FY23 result beats estimates on the back of stronger oil-to-chemical profits and tax reversal while the rest of the segment’s profits were in line with estimates. O2C profit benefited from higher throughput (up 5.3% QoQ), stronger refining margin and advantageous ethane cracking economics.

Retail revenue was up 21.1%/2.4% YoY/QoQ to Rs 616 billion in Q4 led by strong growth in grocery, electronics and fashion and lifestyle business.

While average revenue per user was marginally below estimate (flattish QoQ at Rs 178.8), higher better margin lifted Jio’s profit 17% YoY during Q4 FY23.

Net debt remained flattish QoQ despite elevated capex of Rs 444 billion versus 376 billion in Q3 FY23.

We cut our FY24E/FY25E Ebitda estimates marginally by 3.6%/1.9% to factor in lower gross refining margin and delay in production from MJ field.

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