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Dolat Capital Report
Reliance Jio Infocomm Ltd.'s Q2 FY24 was in-line and mixed. revenue/Ebitda/adjusted profit after tax grew by 9.9/ 12.7/12.1% YoY and 2.9/3.0/4% QoQ.
Subscriber adds was healthy for sixth quarter at 11.2 million. Average revenue per user was muted at +0.7% QoQ despite an extra day.
In a quasi-duopoly market especially post 5G, Jio is a healthy growth story in the medium term. Jio's 5G strategy and pick-up would be key to monitor in near-term post hefty investments and capex.
We reduce our Ebitda by ~2.5% and earnings per share by ~3.3/4.2% to factor Q1.
We value Jio at an enterprise/equity value of Rs 1,085/830 per share at 10 times FY25E EV/E.
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