External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,860/sh is premised on (1) recovery in the O2C businesses; (2) continued EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams; and (3) potential for further value unlocking in the digital and retail businesses. </li><li>Gross slippages, at 2.9%, were elevated on account of the KCC portfolio, but were offset by higher recoveries, reflecting in negligible credit costs (adjusted for contingent provisions)</li><li>Despite a 54bps sequential reduction in the stressed pool (restructured portfolio at 0.8%, BB &amp; below portfolio at 1.9%), ICICIBC’s move to build up its contingent provisioning (+10bps) appears counter-intuitive and raises questions on the possibility of emerging risk markers in the portfolio</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,860/sh is premised on (1) recovery in the O2C businesses; (2) continued EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams; and (3) potential for further value unlocking in the digital and retail businesses. Gross slippages, at 2.9%, were elevated on account of the KCC portfolio, but were offset by higher recoveries, reflecting in negligible credit costs (adjusted for contingent provisions)Despite a 54bps sequential reduction in the stressed pool (restructured portfolio at 0.8%, BB &amp; below portfolio at 1.9%), ICICIBC’s move to build up its contingent provisioning (+10bps) appears counter-intuitive and raises questions on the possibility of emerging risk markers in the portfolioContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Reliance Industries, ICICI Bank, Kotak Mahindra Bank, Persistent Systems

<div><div><div><ul><li>Imposition of a SAED of INR 6/ltr (USD 12/bbl) on exports of petrol and ATF <span style="font-size: var(--content-font-size);">and INR 13/ltr (USD 27/bbl) on exports of diesel.</span></li></ul></div></div><div><div><div><div><ul><li>Levy of a SAED of INR 23,250/mt (USD 40/bbl) on domestically produced <span style="font-size: var(--content-font-size);">crude oil. </span></li><li><span style="font-size: var(--content-font-size);">However, no cess will be imposed on the quantity of crude that is </span><span style="font-size: var(--content-font-size);">produced in excess of FY22 production.</span></li></ul></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Imposition of a SAED of INR 6/ltr (USD 12/bbl) on exports of petrol and ATF and INR 13/ltr (USD 27/bbl) on exports of diesel.Levy of a SAED of INR 23,250/mt (USD 40/bbl) on domestically produced crude oil. However, no cess will be imposed on the quantity of crude that is produced in excess of FY22 production.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indian Oil and Gas Sector - Subsidy Overhang to Reduce

Equity Bottom-Up

<ul><li>Our ADD rating on Reliance Industries (RIL) with a price target of INR 3,350/sh is premised on (1) recovery in the O2C business, (2) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams, and (3) potential for further value unlocking in the digital and retail businesses</li><li>RIL’s consolidated Q1FY25 EBITDA stood at INR 388bn (+2% YoY, -9% QoQ), coming in below our estimate, largely impacted by weakness in its O2C segment</li><li>Consumer business segments remained resilient and supported earnings.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Our ADD rating on Reliance Industries (RIL) with a price target of INR 3,350/sh is premised on (1) recovery in the O2C business, (2) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams, and (3) potential for further value unlocking in the digital and retail businessesRIL’s consolidated Q1FY25 EBITDA stood at INR 388bn (+2% YoY, -9% QoQ), coming in below our estimate, largely impacted by weakness in its O2C segmentConsumer business segments remained resilient and supported earnings.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Reliance Industries: Earnings Decline on Weak O2C Segment. Maintain ADD

Reliance Industries - Earnings Decline on Weak O2C Segment. Maintain ADD

<ul><li>Our ADD rating on Reliance Industries (RIL) with a price target of INR 3,255/sh is premised on (1) recovery in the O2C businesses, (2) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams, and (3) potential for further value unlocking in the digital and retail businesses</li><li>RIL’s consolidated Q4FY24 EBITDA at INR 425bn, 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</li><li>APAT at INR 190bn (-2% YoY, +10% QoQ) came in above our estimates, also supported by higher-than-expected other income.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Our ADD rating on Reliance Industries (RIL) with a price target of INR 3,255/sh is premised on (1) recovery in the O2C businesses, (2) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams, and (3) potential for further value unlocking in the digital and retail businessesRIL’s consolidated Q4FY24 EBITDA at INR 425bn, 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% YoYAPAT at INR 190bn (-2% YoY, +10% QoQ) came in above our estimates, also supported by higher-than-expected other income.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Reliance Industries (Q4FY24): Strong Growth in Consumer Businesses. Maintain ADD

India

Reliance Industries is an Indian multinational conglomerate with diverse businesses including energy, petrochemicals, oil and gas exploration, telecommunications (Jio), and retail (Reliance Retail). The company is a major producer of petroleum products and a significant player in digital services and consumer goods. Reliance Industries is headquartered in Mumbai, India, and was founded in 1958.

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Reliance Industries (RELIANCE IN)

HSIE Results Daily: Reliance Industries, ICICI Bank, Kotak Mahindra Bank, Persistent Systems

Gross slippages, at 2.9%, were elevated on account of the KCC portfolio, but were offset by higher recoveries, reflecting in negligible credit...

HDFC Securities

Indian Oil and Gas Sector - Subsidy Overhang to Reduce

Reliance Industries (RIL), ONGC and Oil India (OIL) stocks declined 7-15% on 1st Jul-22 as investors took a dim view of the new levies applied on...

HDFC Securities

Reliance Industries: Earnings Decline on Weak O2C Segment. Maintain ADD

RIL’s consolidated Q1FY25 EBITDA stood at INR 388bn (+2% YoY, -9% QoQ), coming in below our estimate, largely impacted by weakness in its O2C segment

HDFC Securities

Reliance Industries - Earnings Decline on Weak O2C Segment. Maintain ADD

RIL’s consolidated Q1FY25 EBITDA stood at INR 388bn (+2% YoY, -9% QoQ), coming in below our estimate, largely impacted by weakness in its O2C segment

HDFC Securities

Reliance Industries (Q4FY24): Strong Growth in Consumer Businesses. Maintain ADD

Our estimates remain unchanged. However, our target price is revised to INR 3,255/sh as we roll forward to FY26. We use EV/EBITDA to value...

HDFC Securities

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