Reliance Industries Q4 Results Review - Standalone Shines; Consumer Business Steady: Motilal Oswal

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. .Motilal Oswal Report.Reliance Industries Ltd.’s consolidated revenue grew 3% YoY (down 2% QoQ; inline), while Ebitda rose 23% YoY/9% QoQ (5% beat) in Q4 FY23 fueled by a big beat in the standalone segment. For FY23, RIL’s revenue/adjusted profit after tax grew 26%/14% YoY. We have built in 10%/ 11% growth in revenue/profit after tax for FY23-25E (upward revision of 1%/2% in Ebitda for FY24/FY25). Reliance Jio’s revenue grew 2% QoQ (in line) in Q4 FY23, led by 1.5% subscriber additions and marginal rise in average revenue per user. The benefit from reduction in spectrum usage charges is behind but controlled network cost aided Ebitda/profit after tax growth of 2% QoQ each (in line). Reliance Retail saw healthy revenue/Ebitda growth of 21%/33% YoY (in line) in Q4 FY23 with improving footfalls and growing digital business, but fashion and lifestyle segment remained soft. Oil-to-chemical’s Ebitda came in 11% above our estimate at Rs 181 billion (up 24% YoY) in Q4 FY23. Ebitda/million tonne for O2C stood at ~$85.5 (down 2% YoY, up 19% QoQ). However, the outlook remains murky amid global capacity additions expected in both refining and petrochem segments. Net debt remained flat at Rs 1,102.5 billion (versus Rs 1102.2 billion in December 2022) as capex of Rs 444.1 billion was funded internally. Operating cash flow for the year improved to Rs 1,150.3 billion mainly driven by improved profitability..Click on the attachment to read the full report:.Reliance Industries Q4 Results Review - Beat On Lower Tax Rate: Dolat Capital.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 - Standalone Shines; Consumer Business Steady: Motilal Oswal

Consolidated gross debt increased to Rs 3,147 billion at end-Q4 FY23 with cash and cash equivalents at Rs 2,045 billion.

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