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ICICI Securities Report
Reliance Industries Ltd. is set to report strong compound annual growth rate in earnings (29%) over FY22-24E led by robust oil to chemicals margin environment, steady growth in digital services and strong momentum in its retail segment.
Add the meaningful strides being made in green energy related Giga factories and the reinvigorated upstream segment after a tepid four-five years and there is a recipe for strong growth over the next 24-36 months.
Having said that, RIL has been a standout performer over the last 12 months; valuations of 18 times FY24E price-to-earnings/ 10.5 times enterprise value/Ebitda and 1.8 times price/book value factor in the upsides, with near-term stress on return ratios owing to stronger-than-estimated capital allocations/challenges inherent in scaling up of new energy plans, making us cautious on material upsides hereon.
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