New Street Research - Reliance Industries Limited (RELIANCE) Reliance Industries (Buy, TP: INR 3,270, +11%) Q4 24 Quick Take: Topline accelerated again led by inflection in O2C; balance sheet further strengthened as capex moderates

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New Street Research

Chris Hoare

EUR 9318.00 For Business Accounts Only

Reliance Industries (Buy, TP: INR 3,270, +11%) Q4 24 Quick Take: Topline accelerated again led by inflection in O2C; balance sheet further strengthened as capex moderates

Reliance reported an acceleration in topline again, supported an inflection in O2C and sustained performance in both Retail and Jio.

23/04/2024 1 EN

Underlying

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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INE002A01018 National Stock Exchange of India India

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Chris Hoare

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Reliance Industries (Buy, TP: INR 3,270, +20%) Q3 24 Quick Take: Top line acceleration with sustained margin expansion led by Retail and Jio; 5G rollout completed

Better Retail and Jio performance helped drive an acceleration in topline, with margin expansion led by Retail and Jio. Importantly, group capex has began to moderate as Jio completes its 5G rollout

EUR 9318.00

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Frontier Model Update

This note focuses on changes to the model following 1Q24 results. Earlier today, we published a review of results and comprehensive thoughts following the earnings call. The changes to estimates are minor. Our long-term thesis remains unchanged. Price target is $52.

EUR 9318.00

2h / 51m 2h / 51m 1 EN

Jonathan Chaplin

Jonathan Chaplin

FYBR: quick thoughts following the call Part 2

We commented earlier on the implications of the delay in the analyst day. In this follow up, we cover: 1) the growth / margin trade-off; 2) fiber broadband ARPU growth; 3) SAC growth; 4) EBITDA growth; 5) fiber penetration; 6) ACP; 7) fiber net adds. We covered what we expect for the strategic review in our quick take on results this morning.

EUR 9318.00

4h / 34m 4h / 34m 1 EN

Jonathan Chaplin

Jonathan Chaplin

FYBR quick thought following the call

In this quick note we touch on our thoughts around the delay in the analyst day. We will follow up shortly with further thoughts on operating and financial trends.

EUR 9318.00

11h / 23m 11h / 23m 1 EN

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Reliance Industries (Buy, TP: INR 3,270, +11%) Q4 24 Quick Take: Topline accelerated again led by inflection in O2C; balance sheet further strengthened as capex moderates

Indian Mobile Q3 FY24 review: Still tracking well even without tariff hikes

Reliance Industries (Buy, TP: INR 3,270, +20%) Q3 24 Quick Take: Top line acceleration with sustained margin expansion led by Retail and Jio; 5G rollout completed

Frontier Model Update

FYBR: quick thoughts following the call Part 2

FYBR quick thought following the call

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