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ICICI Securities Report
Reliance Industries Ltd. reported a strong 34% YoY growth in Ebitda to Rs 313.7 billion and 27% in net earnings to Rs 180.2 billion (Ebitda up 6% QoQ / profit after tax up 2% QoQ), driven by robust performance across segments.
Oil-to-chemical segment continued the steady recovery seen over the past few quarters, with stronger refining metrics and higher sales volumes offsetting the softer margin environment in the petchem segment (OTC segment Ebitda was up 25% YoY).
Upstream has shown moderate trends QoQ, with removal of shale segment resulting in a 23% QoQ Ebitda decline even as the domestic business remained strong.
Retail was a disappointment QoQ, with higher base and seasonal trends leading to a 3% QoQ dip in Ebitda.
Earnings growth prospects for RIL remain strong, but we remain skeptical of meaningful expansion in return ratios and/or any major moves to return cash to shareholders in view of the ‘New Energy' investment plans.
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