Reliance Industries Q1 Results Review - O2C Margin Impacted Overall Performance : Yes Securities
RIL’s capex over FY24-25E is expected to remain elevated given the ongoing investment in various segments.
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Yes Securities Report
Reliance Industries Ltd. reported revenue of Rs 2,075.5 billion (-5% YoY; -2% QoQ) which was below our and street estimates, with operating profit of Rs 380.9 billion (+1% YoY; -1% QoQ).
Ebitda growth was impacted by oil-to-chemical margins (normalisation from higher base of last year), offset by strong performance from other segments.
Jio Platforms Ltd. continued subscriber additions and rollout of 5G. Retail segment margin growth was led by grocery and fashion and lifestyle consumption.
RIL’s capex over FY24-25E is expected to remain elevated given the ongoing investment in various segments. Production from KGD6 in coming months to reach 30 metric million standard cubic metre per day.
We continue to maintain 'Add' rating with target price of Rs 2,873/share.
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