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ICICI Securities Report
A look at Reliance Industries Ltd.'s FY22 annual report provides some pertinent insights on the way the company's character has transformed over the past three-four years.
The fiscal saw record profitability and margins for RIL's consolidated operations, with growing scale of the consumer businesses complemented by recovery in ‘oil to chemicals' margins as well.
However, substantially higher capex across business segments has meant that return ratios have compressed sharply over the past two years – overall return on equity increased just 28 basis points and return on capital employed dipped 57 bps YoY, driven by massive capex of Rs 1.4 trillion, in FY22.
Material capex of Rs 827 billion in digital services and Rs 298.7 billion in retail were key reasons for the weakness in return ratios.
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