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.
Motilal Oswal Report
Reliance Industries Ltd.'s consolidated/standalone business Ebitda grew 51%/37% YoY (13%/11% beat led by the standalone business which saw a growth of 62% YoY and 8% QoQ) in 2QFY22.
Reliance Jio’s Ebitda was in line (up 20% YoY and 4% QoQ). The same for Reliance Retail recovered by 45% YoY, 19% above our estimate.
Jio’s revenue/Ebitda growth was moderate at 4% QoQ (in line) as a sharp (net 11.1 million decline) cleanup in subscribers was offset by a 4% average revenue per user increase and a 10 basis point margin expansion to 48%.
Reliance Retail’s net revenue grew 9% YoY (8% above pre-Covid or 2QFY20 levels) to Rs 399 billion.
Oil-to-chemicals Ebitda came in 17% higher than our estimate at Rs 124 billion (+62% YoY).
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