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Motilal Oswal Report
Reliance Industries Ltd.'s Q4 FY21 consolidated/standalone business Ebitda was down 10%/9% YoY (in-line).
Reliance Jio Ebitda was in-line (up 6% YoY), while retail Ebitda was up 42% YoY (8% miss) on a steady revenue increase.
RJio's revenue fell 6% – as the removal of interconnect usage charges dragged down average revenue per user by 9% – partially offset by 4% subscriber growth.
Ebitda growth slowed to 2% QoQ (in-line) – margins expanded 390 basis point to 47.8% on the IUC impact.
Reliance retail's net revenues increased by a strong 21% YoY to Rs 413 billion (7% beat).
The company reported oil-to-chemicals Ebitda of Rs 101.9 billion (up 17% estimate, down 12% YoY) in Q4 FY21, above our estimates.
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