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Prabhudas Lilladher Report
We maintain Reliance Industries Ltd.'s FY22-24E estimates as Q2 performance benefitted from higher gross refining margins, even as petro-chemical segment was hit by higher input prices.
Retail segment saw sharp improvement with 89% of stores operational (Q1 61%), while Jio displayed steady performance despite customer churn post pandemic.
RIL's early Q3 trends are encouraging given-
gas to oil switch has led to sharp recovery in GRMs (Singapore GRMs at over $7/barrel of oil versus $3.8 in Q2),
higher gas realisation in H2 are at $6.13/metric million British thermal unit (H1 $3.62) and
festive demand will drive retail profitability.
Further launch of 5G Jio Phone will accelerate digitisation and drive customer shift from 2G.
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