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Reliance Industries Q1 FY22: The digital and renewable businesses have the potential to drive a re-rating

Overall, in our view, RIL’s shift to digital and renewables businesses has the potential to re-rate the company.

July 26, 2021 / 02:44 PM IST
Reliance Industries Q1 FY22: The digital and renewable businesses have the potential to drive a re-rating

Cash profit before exceptional item for the quarter was Rs 21,828 crore ($ 2.9 billion), up by 56.7 percent.

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Reliance Industries (RIL) (CMP: Rs 2,106; Mcap: Rs 13,97,021 crore) reported an improvement in profitability from the previous quarter, overcoming macro challenges. For the April-June 2021 quarter, both absolute Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) and margins improved sequentially, supported by better spreads in the O2C (Oil to Chemicals) business and sharp sequential improvement in Oil & Gas. Jio reported strong numbers despite a marginally lower ARPU (average revenue per user), on account of new subscriber additions.  While...

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