Reliance Industries Q4 Results Review - Beat On Lower Tax Rate: 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.Q4 FY23, Reliance Industries Ltd.’s Ebitda was up 23% YoY and 9% QoQ to Rs 384 billion (2% above estimates), led by strong operating performance across the segment. Oil-to-chemical was a major driver- 1. minimal impact of export duties on gross refining margin; 2. sequential improvement in GRM and polymer deltas, and 3. cheaper ethane as a feedstock for a cracker.Retail posted record Ebitda on the back of - highest ever footfalls of 219 million; and grocery and fashion and lifestyle was a major growth driver.  RIL’s profit was up 19% YoY and up 22% QoQ to Rs 193 billion (15% above estimates) mainly due to lower tax rate. Capex jumped 37% YoY mainly due to rise in 5G roll-out, ramp-up in retail operations. Despite higher capex, net debt remained at same level and guided that net debt/ Ebitda lower than one time. Going forward, RIL’s Ebitda/ profit after tax to clock at compound annual growth rate of 12%/13% over FY23-25E, backed by retail’s long term growth to continue as expansion in network, and recovery in petrochemical margin..Click on the attachment to read the full report:.Reliance Industries Q4 Results: Profit Jumps 19.8% Beating Estimates On Higher Margin.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 Q4 Results Review - Beat On Lower Tax Rate: Dolat Capital

In long term, RIL believes New Energy is its next big growth engine.

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