External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,515/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 at INR 410bn (+32% YoY, +8% QoQ, HSIE: INR 385bn) and APAT at INR 174bn (+27% YoY, +9% QoQ) came in above our estimates, supported by better-than-expected performance from its energy businesses.</li><li>We use EV/EBITDA to value downstream at Mar-25E EV/e, retail on peer benchmarked EV/e and E&amp;P and Jio on DCF.</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 2,515/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 at INR 410bn (+32% YoY, +8% QoQ, HSIE: INR 385bn) and APAT at INR 174bn (+27% YoY, +9% QoQ) came in above our estimates, supported by better-than-expected performance from its energy businesses.We use EV/EBITDA to value downstream at Mar-25E EV/e, retail on peer benchmarked EV/e and E&amp;P and Jio on DCF.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 (Q2FY24): Robust Earnings from Energy Businesses. Maintain ADD