Axis Direct's research report on Reliance Industries
RIL’s standalone PAT at Rs 80 bn washigher than our/ Street estimate of Rs 77 bn, driven by strong performance in petchem business and higher other income. Petchem segment EBIT was flat QoQ vs. expected decline of 12%as volume de-growth of 4% (plant shutdown) was more than offset by margin growth.
Outlook
Downstream expansion projects are on track, which will drive FY16-18 EPS growth of 10%. We are positive on R-Jio, which is backed by fastest speed, unmatched spectrum, strong content, wide-scale fibre network and easy availability of 4G-VoLTE handsets. Maintain BUY with TP of Rs 1,330.
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