Reliance Industries (Neutral, TP: INR 3,400, +25%) Q2 FY25 Quick Take: Better Jio performance overshadowed by weaker Retail and O2C; FWA momentum building up
Reliance Industries posted results yesterday. Jio remained the bright spot as it benefited from the tariff hike effective since July. However, weaker O2C and Retail saw revenue decelerate whilst EBITDA was lower due to the fall in O2C product margins. Notwithstanding this, momentum is building up for Jio AirFiber as FWA additions accelerated and commentary suggests that Retail sales is picking up in October leading up to the festive period.
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