BQ Prime's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Reliance Industries Ltd. has reported a weak Q2 FY23, with 18% QoQ decline in Ebitda to Rs 312 billion and 20% QoQ decline in net earnings to Rs 155.1 billion (Ebitda up 20% YoY/profit after tax flat YoY.
The weak performance of oil-to-chemical segment was the key reason for the dip, with segmental Ebit of Rs 97.8 billion (down 9% YoY, down 46% QoQ).
Benchmark gross refining margins (Singapore GRMs) have dipped $12/barrel of oil QoQ and integrated petrochemical spreads are also down $609/tonne, likely impacting OTC segment performance. RIL's OTC earnings also saw a $4/bbl hit (Rs 40 billion) in refining from the special excise duty or ‘windfall tax'.
Upstream was strong with gas output at ~19 million metric standard cubic meter per day in Q2, jumping 5.6 times YoY in segmental Ebit with more growth in store, as output ramps up to ~30 mmscmd by FY24.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
