Report
EUR 9179.00 For Business Accounts Only

New Street: Reliance Industries Ltd (BUY, TP: INR 3,270, +35%) Q1 23 Quick Take: Record quarter, Jio Platform’s performance bodes well for Bharti

RIL reported a robust set of Q1 results across the board, with three segments reporting a record quarter. Jio Platforms rebounded to positive net additions; Reliance Retail’s footfall surpassed pre-COVID level while higher crude oil prices and fuel margins drove O2C’s growth.
Underlyings
Bharti Airtel Limited

Bharti Airtel provides telecommunication systems and services to individuals and businesses in India with operations in 20 countries across Asia and Africa. In India, Co.'s product offerings include 2G, 3G and 4G wireless services, mobile commerce, fixed line services, high speed DSL broadband, IPTV, DTH, enterprise services including national & international long distance services to carriers. In the rest of the geographies, it offers 2G, 3G wireless services and mobile commerce. Co. had nearly 287 million customers across its operations at the end of Dec 2013.

Reliance Industries Limited

Reliance Industries is primarily engaged in the production and market of petrochemical products, and refinery and retail of petroleum and LPG. Co.'s petrochemical products include polymer - polypropylene (PP), polyethylene (PE), poly vinyl chloride (PVC); polyester - polyester filament yarn (PFY), polyester staple fiber (PSF), polyethylene terephthalate (PET); polyester intermediates - paraxylene (PX), purified terephthalic acid (PTA), mono-ethylene glycol (MEG); and cracker products - ethylene, propylene and aromatics. Co. is also engaged in the manufacture of RELAB and textiles. Co.'s textile products are sold under the brand names: Only Vimal, Harmony, Reance, RueRel and V2.

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New Street Research
New Street Research

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Analysts
Chris Hoare

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