New Street Research - Reliance Industries Limited (RELIANCE) Reliance Industries Ltd (Buy) – Q1 24 Quick Take: Jio and Retail offset losses in O2C again; INR9/share dividend announced

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New Street Research

Chris Hoare

EUR 9475.00 For Business Accounts Only

Reliance Industries Ltd (Buy) – Q1 24 Quick Take: Jio and Retail offset losses in O2C again; INR9/share dividend announced

Strong momentum in Retail and Jio continue to offset O2C revenue decline, which was function of a high comparable base driven by high fuel cracks as a result of the Russian-Ukraine war. Despite overall revenue decline, EBITDA continued to grow on higher margin mix within Jio and efficiencies within Retail.

22/07/2023 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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Analysts

Chris Hoare

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Reliance Industries Ltd (Buy) – Q1 24 Quick Take: Jio and Retail offset losses in O2C again; INR9/share dividend announced

Reliance Industries (Buy, INR 3,270, +4.9%) Q1 FY25 Quick Take: Steady consumer trend but bottom line fell on weaker O2C and higher depreciation; FWA disclosure is encouraging

Indian Mobile Q4 FY24 review: Faster trends; Vodafone raises money finally

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

Altice France (SFR) (Most Preferred) Q3 24: Weaker B2C SR trends in France, but KPIs a bit better

Nigerian Telcos Underlying top line stronger than ever, EBITDA inflecting; Q3 24 review

EOLO Q2 25: Evolving churn and ARPU levels

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