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IDBI Capital Report
Reliance Industries Ltd.'s Q2 FY21 result was below our estimates at operational level while profit after tax was higher than our and consensus estimates on the back of deferred tax reversal.
Overall, petrochemical profit is ahead of our expectations on the back of both higher than expected volume and margin while refining segment volume and gross refining margin disappointed.
While retail business saw a strong 30%/85% revenue/Ebitda growth QoQ, Jio business recorded 6%/2% QoQ growth, on the back of higher average revenue per user and subscriber base.
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