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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.
As of October 18, the stock is up 26 percent on the BSE in Calendar 2019, in comparison to a 9 percent rise in the benchmark Sensex.
Brokerages expect the Reliance Jio subscriber growth to be robust with significant addition of users in Q2.
Key issues to watch out for would be GRM, petrochemical margin, telecom subscribers, future capex, and interest cost & depreciation.
Key segments, which expect to drive growth for the company, are retail and telecom.
Net Sales are expected to decrease by 0.7 percent Y-o-Y (down 16.7 percent Q-o-Q) to Rs. 86,598.8 crore, according to Prabhudas Lilladher.
Net Sales are expected to increase by 35 percent Y-o-Y (up 1 percent Q-o-Q) to Rs. 158,057.6 crore, according to Kotak.
Net Sales are expected to increase by 20 percent Y-o-Y (up 1 percent Q-o-Q) to Rs. 100,655.4 crore, according to Kotak.
The oil-retail-to-telecom giant reported a better-than-expected 7.7 percent sequential growth in third quarter consolidated net profit at Rs 10,251 crore, driven by other income as well as telecom and retail segments.
Most analysts expect gross refining margins at around $8.5-9 a barrel for the quarter ended December 2018
Net Sales are expected to increase by 39 percent Y-o-Y (down 3 percent Q-o-Q) to Rs. 1,38,890.7 crore, according to Kotak.
Net Sales are expected to increase by 24 percent Y-o-Y (down 6 percent Q-o-Q) to Rs. 90,737.3 crore, according to Kotak.
Jio continued to impress with quarterly performance and despite strong competition, operating revenue increased and the company sustained operating margins as well.
Revenue is expected to grow robustly at more than 20 percent but due to margin headwinds and extended provisioning requirements of corporate lenders, bottom-line improvement is slow
Most brokerages have maintained their rating but raised their 12-month target price on RIL
Jio continued to post strong revenue growth, along with an improvement in operating profitability during the quarter.
The stock rallied 21 percent in 2018 on top of 70.5 percent surge in the previous year. It is Rs 28 away from its record high of Rs 1,138.25 touched last week.
Brokerages have highlighted that the results have largely been in line with estimates, but have raised target prices up to Rs 1,200.
The consolidated net profit rose by 17.3 percent on a year-on-year basis to Rs 9,459 crore or $1.14 billion.