BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Prabhudas Lilladher Report
We maintain Reliance Industries Ltd.’s FY22-24E estimates as Q2 performance benefitted from higher gross refining margins, even as petro-chemical segment was hit by higher input prices.
Retail segment saw sharp improvement with 89% of stores operational (Q1 61%), while Jio displayed steady performance despite customer churn post pandemic.
RIL's early Q3 trends are encouraging given-
gas to oil switch has led to sharp recovery in GRMs (Singapore GRMs at over $7/barrel of oil versus $3.8 in Q2),
higher gas realisation in H2 are at $6.13/metric million British thermal unit (H1 $3.62) and
festive demand will drive retail profitability.
Further launch of 5G Jio Phone will accelerate digitisation and drive customer shift from 2G.
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