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Motilal Oswal Report
Reliance Industries Ltd.'s Q3 FY21 consolidated/standalone business Ebitda was down 5%/33% YoY (6%/16% miss).
Reliance Jio's Ebitda was in line (up 45% YoY), while retail Ebitda surprisingly reported 13% YoY growth (10% beat) despite revenue decline.
RJio's revenue/Ebitda growth continued to slow to 6%/8% QoQ (in line) due to the combination of 4% average revenue per user and 1% subscriber growth, coupled with 100 basis point margin expansion to 43.9%.
Reliance Retail Ltd.'s like-to-like net revenues were down 9% to Rs 378 billion (weaker than Q2 FY21), while Ebitda was up 13% YoY (10% beat) on Rs 8 billion investment income and cost management initiatives.
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