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Reliance Industries’ Q2 performance boosts re-rating prospects 

RIL’s balance sheet appears in a much healthier shape with a series of fund raising programmes in the last one year

Reliance Industries’ Q2 performance boosts re-rating prospects 

Source: ShutterStock

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 2,627; Mcap: Rs 16,94,410 crore) reported strong improvement in all its business segments compared to the previous quarter, as the restrictions on business on account of the COVID-19 second wave were gradually eased. The results were boosted mainly by an improvement in the Oil & Gas business and the scaling up of Retail operations. Reliance Retail revenues are now above pre-COVID levels. Even though Jio’s net revenue growth was meagre, its operating margin improved significantly,...

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