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Traction in new age businesses such as retail, media, digital and renewables presents RIL significant scale and scope in times to come
RIL Q1 Results | RIL has benefitted from the substantial rise in margins of refining products like diesel and jet fuel during the June quarter
Net Sales are expected to increase by 81.6 percent Y-o-Y (up 22.7 percent Q-o-Q) to Rs. 1,64,441.7 crore, according to Prabhudas Lilladher.
Analysts expect the refining business of RIL to benefit from a surge in global gross refining margins
Net Sales are expected to increase by 36.8 percent Y-o-Y (up 10.7 percent Q-o-Q) to Rs. 2,11,831.6 crore, according to ICICI Direct.
Retail and digital assets are moving from strength to strength in terms of capabilities through inorganic forays, indicating that RIL would be in a vantage position to capitalize on new age businesses and normalization of consumption demand in times to come
Reliance Industries' September quarter results (Q2FY22) are broadly in line with analysts' estimates. The retail business saw strong recovery and performed well.
The retail and digital businesses, which accounted for 32.4 percent and 18.5 percent of total revenue, respectively, could be the stars in the September quarter
Overall, in our view, RIL’s shift to digital and renewables businesses has the potential to re-rate the company.
RIL will declare Q1 results today. While Kotak estimates adjusted PAT to grow 24.7% YoY, Motilal Oswal puts it at 23.8%. Investors will be keen to see to what extent COVID-related macro headwinds had dented the retail and refining business.
Net Sales are expected to increase by 103.7 percent Y-o-Y (up 19.5 percent Q-o-Q) to Rs 1,02,739.4 crore, according to Prabhudas Lilladher.
RIL reported a strong sequential improvement for its Oil derivative and retail segments. Petrochemicals exhibited elevated product spreads and in the case of retail, the trend of sequential recovery continued across consumption baskets. Jio continued to report strong numbers despite lower ARPU
According to JM Financial, PAT is likely to be flattish QoQ due to assumption of higher tax rate at around 13 percent (versus around 1 percent in Q3FY21).
The key trend-setter remains the telecom business Reliance Jio, with performance driven by the tailwinds of the work from home culture, tariff hikes, traction in digital platform services and strong pick-up in JioGigaFiber services
The company posted a 40.5 percent sequential growth in consolidated profit at Rs 14,894 crore for the quarter ended December 31, 2020.
Retail business growth could be Rs 720 crore QoQ led by sequential rebound in revenues and margins, said Kotak.
In the coming days, investors should watch out for RIL's rollout of 5G solutions, scale-up of retail business, traction in technological innovations and spin-off of the oil to chemicals (O2C) business
Reliance Jio and Reliance Retail should drive next leg of growth, said Motilal Oswal.
On the Jio front, Kotak Institutional Equities expects EBITDA to increase by Rs 1,060 crore QoQ led by a modest rise in subscriber base to 396 million and ARPU to Rs 137 per month.
Centrum Broking said non-energy businesses continued to save the day for RIL, which is likely to see a sharp $1.2 a barrel QoQ dip in GRMs and a 7 percent QoQ decline in Petchem EBIT.
Emkay expects Bharti Airtel to record healthy performance with 17 percent sequential growth in wireless revenue, driven by an ARPU increase of 13 percent.
Japanese brokerage Nomura also has a buy rating on Reliance with a target price of Rs 2,020 as numbers were largely in-line with petchem much weaker, but offset by better refining & retail.
Edelweiss expects Jio to add 30 million subscribers during the quarter, and a 2.6 percent jump in ARPUs.
Earnings downgrade continued in the September quarter but there were no fresh negatives in terms of outlook in management commentaries.