BQ Blue'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 BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Reliance Industries Ltd.'s Q1 FY22 recurring earnings per share was up 48% y-o-y (profit before tax up 111%, but tax up 13.3 times on normalisation) driven by rise in Ebitda across segments and halving of interest cost.
Petrochemicals' Ebitda was at an all-time high, but gross refining margins remain weak.
RIL's retail Ebitda fell QoQ due to Covid-19 second wave.
Gross refining margin weakness, petrochemical margin fall from peak and a third Covid-19 wave delaying retail recovery may mean more downside to FY22E EPS.
Stock underperformance continues and will continue unless there is a tariff hike, retail growth is back to pre-Covid levels, or GRM recovers.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BloombergQuint 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 BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
