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Equity Bottom-Up

<ul><li>Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,735/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 EBITDA stood at INR 352bn (+19% YoY; +13% QoQ, HSIE: INR 344bn), above our estimate, while APAT stood at INR 158bn (-3.2% YoY, +16% QoQ), marginally below our estimate</li><li>Earnings were mainly driven by improvement in the O2C and E&amp;P segments.</li></ul>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.

Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,735/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 EBITDA stood at INR 352bn (+19% YoY; +13% QoQ, HSIE: INR 344bn), above our estimate, while APAT stood at INR 158bn (-3.2% YoY, +16% QoQ), marginally below our estimateEarnings were mainly driven by improvement in the O2C and E&amp;P segments.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 Remain Strong

<ul><li>Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,708/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 EBITDA stood at INR 312bn (+20% YoY; -18% QoQ, HSIE: INR 321bn), below our estimate, while APAT stood at INR 137bn (-0.2% YoY, -24% QoQ), marginally below our estimate of INR 138bn</li><li>Earnings was mainly impacted by weakness in the O2C segment.</li></ul>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.

Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,708/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 EBITDA stood at INR 312bn (+20% YoY; -18% QoQ, HSIE: INR 321bn), below our estimate, while APAT stood at INR 137bn (-0.2% YoY, -24% QoQ), marginally below our estimate of INR 138bnEarnings was mainly impacted by weakness in the O2C segment.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 (Q2FY23): Subdued O2C Segment Performance. Maintain ADD

<ul><li>RIL reported EBITDA of INR 220bn, (+92% YoY; +51% QoQ), 4% below our estimates in Q1</li><li>Standalone oil to chemicals (O2C) segment: Q1 EBITDA improved by 63% YoY to INR 194bn, mainly due to better transportation fuel cracks</li><li>Oil &amp; gas: Revenue grew ~3x YoY to INR 36bn and EBITDA improved ~4x YoY to INR 27bn, driven by sharp improvement in price realisaton and higher production from the KG D6 block</li></ul>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.

RIL reported EBITDA of INR 220bn, (+92% YoY; +51% QoQ), 4% below our estimates in Q1Standalone oil to chemicals (O2C) segment: Q1 EBITDA improved by 63% YoY to INR 194bn, mainly due to better transportation fuel cracksOil &amp; gas: Revenue grew ~3x YoY to INR 36bn and EBITDA improved ~4x YoY to INR 27bn, driven by sharp improvement in price realisaton and higher production from the KG D6 blockContent 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 - Growth Trajectory Continues

<div><ul><li>RIL reported EBITDA of INR 220bn, (+92% YoY; +51% QoQ), 4% below our estimates in Q1.</li><li>Standalone oil to chemicals (O2C) segment: Q1 EBITDA improved by 63% YoY to INR 194bn, mainly due to better transportation fuel cracks.</li><li>Oil &amp; gas: Revenue grew ~3x YoY to INR 36bn and EBITDA improved ~4x YoY to INR 27bn, driven by sharp improvement in price realisaton and higher production from the KG D6 block.</li></ul></div>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.

RIL reported EBITDA of INR 220bn, (+92% YoY; +51% QoQ), 4% below our estimates in Q1.Standalone oil to chemicals (O2C) segment: Q1 EBITDA improved by 63% YoY to INR 194bn, mainly due to better transportation fuel cracks.Oil &amp; gas: Revenue grew ~3x YoY to INR 36bn and EBITDA improved ~4x YoY to INR 27bn, driven by sharp improvement in price realisaton and higher production from the KG D6 block.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 (Q1FY23): Growth Trajectory Continues

<div><ul><li>Strong quarter expected: We expect RIL to report EBITDA of INR 401bn, (+71% YoY; +28% QoQ), driven by (1) all-time high refining margins, (2) higher oil and gas price realisations, (3) sequential improvement in ARPU for JIO and (4) continued growth in retail business.</li><li>Oil to chemicals (O2C) segment: In Q1, we estimate O2C EBITDA +88% YoY to INR 224bn, primarily due to higher transportation fuel cracks to grow by and higher crude throughput estimates of 19.4mmt (+2.1% YoY, +0.5% QoQ).</li><li>Export tax hurting refiners’ net realisation: Over the last 15 days, gasoline cracks declined from the recent peak to USD 10.7/bbl (down by USD33.2/bbl), gasoil cracks declined to USD 35.1/bbl (down by 24/bbl) and ATF declined to USD 29.7/bbl (down by 25.6/bbl), implying negative spreads currently on export of gasoline (net of USD 12/bbl export tax) and significantly reduced realisations on export of diesel and jet kero for Indian refiners.</li></ul></div>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.

Strong quarter expected: We expect RIL to report EBITDA of INR 401bn, (+71% YoY; +28% QoQ), driven by (1) all-time high refining margins, (2) higher oil and gas price realisations, (3) sequential improvement in ARPU for JIO and (4) continued growth in retail business.Oil to chemicals (O2C) segment: In Q1, we estimate O2C EBITDA +88% YoY to INR 224bn, primarily due to higher transportation fuel cracks to grow by and higher crude throughput estimates of 19.4mmt (+2.1% YoY, +0.5% QoQ).Export tax hurting refiners’ net realisation: Over the last 15 days, gasoline cracks declined from the recent peak to USD 10.7/bbl (down by USD33.2/bbl), gasoil cracks declined to USD 35.1/bbl (down by 24/bbl) and ATF declined to USD 29.7/bbl (down by 25.6/bbl), implying negative spreads currently on export of gasoline (net of USD 12/bbl export tax) and significantly reduced realisations on export of diesel and jet kero for Indian refiners.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 - Concerns Overdone; Strong Quarter Expected

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)

Reliance Industries - Earnings Remain Strong

Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,735/sh is premised on (1) recovery in the O2C businesses; (2) EBITDA...

HDFC Securities

Reliance Industries (Q2FY23): Subdued O2C Segment Performance. Maintain ADD

RIL’s consolidated EBITDA stood at INR 312bn (+20% YoY; -18% QoQ, HSIE: INR 321bn), below our estimate, while APAT stood at INR 137bn (-0.2% YoY, ...

HDFC Securities

Reliance Industries - Growth Trajectory Continues

Standalone oil to chemicals (O2C) segment: Q1 EBITDA improved by 63% YoY to INR 194bn, mainly due to better transportation fuel cracks

HDFC Securities

Reliance Industries (Q1FY23): Growth Trajectory Continues

Standalone oil to chemicals (O2C) segment: Q1 EBITDA improved by 63% YoY to INR 194bn, mainly due to better transportation fuel cracks.

HDFC Securities

Reliance Industries - Concerns Overdone; Strong Quarter Expected

Month-to-date, Reliance Industries’ (RIL) stock has underperformed the Sensex by ~9% because of levy of Special Additional Export duty (SAED) on...

HDFC Securities

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