Reliance Industries Q2 Results Review - Oil-To-Chemical, E&P, Retail Propel Earnings: Dolat Capital

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Dolat Capital Report.Reliance Industries Ltd.’s Ebitda was up 31% YoY & 8% QoQ to Rs 410 billion (inline with estimates), led by strong operating performance across segment. Oil-to-chemical major driver-minimal impact of export duties ($0.6/barreli of oil) to gross refining margin;sequential improvement in GRM, PVC deltas, and ethane cracking economics favorable. RIL’s Ebitda was also boosted by exploration and production (sharp jump in KG gas production with higher price realisation). Profit after tax was up 27% YoY & 9% QoQ to Rs 174 billion (4% below estimates). Capex jumped 19% YoY due to-a rise in 5G roll-out, andramp-up in retail operations. Significant decline in capex expected on completion of 5G rollout by December 2023. Net debt declined with capital raise from Qatar Investment Authority and KKR for stake sale of retail arm. Net debt/Ebitda lower than one time. Going forward, RIL’s Ebitda/profit after tax to clock a compound annual growth rate of 11%/13% over FY24E26E, backed by-Retail’s long-term growth to continue as expansion in the network, and recovery in petrochemical margin with new capacity addition. We marginally tweaked down the earnings of FY24E/FY25E but we maintain 'Accumulate' on RIL. Thus, we have lowered our SoTP based target price to Rs 2,730 (earlier Rs 2,802) based on September 2025 estimates..Click on the attachment to read the full report:.Reliance Industries Q2 Results: Profit Rises 8.6% In Line With Estimates .DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Reliance Industries Q2 Results Review - Oil-To-Chemical, E&P, Retail Propel Earnings: Dolat Capital

Potential listing of consumer business a key trigger

NDTV Profit

NDTV Profit

Follow Us

DISCOVER US FASTER

DOWNLOAD THE APP