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HDFC Securities Institutional Equities
Our Add rating on Reliance Industries Ltd. with a price target of Rs 3,015/share is premised on-
recovery in the oil-to-chemical businesses;
Ebitda growth in the digital business, driven by improvement in average revenue per user, subscriber addition, and new revenue streams; and
potential for further value unlocking in the digital and retail businesses.
RIL's consolidated Ebitda at Rs 425 billion, grew +11% YoY, and came above our estimate, largely driven by retail segment Ebitda growth of +18% YoY and digital segment Ebitda growth of +9% YoY. Adjsuted profit after tax at Rs 190 billion (-2% YoY; +10% QoQ) came in above our estimates, also supported by higher-than-expected other income.
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