Religare's research report on Reliance Industries
RIL’s Q2FY17 earnings at Rs 77bn (+18% YoY) outperformed expectations on higher other income. Refining EBIT at Rs 59bn was in line, while petchem EBIT at Rs 35bn (+37%YoY) beat estimates on better margins. PX expansion and ROGC projects are on track for full utlisation by Q1FY18. The petcoke gasification ramp-up could be delayed to Q4FY18. While we see significant benefits from RIL’s investments in cyclical businesses (US$ 17bn), RJio’s earnings profile would be critical for its outlook. BUY; Sep’17 TP Rs 1,200.
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