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 Q3 FY21 consolidated/standalone business Ebitda was down 5%/33% YoY (6%/16% miss).
Reliance Jio’s Ebitda was in line (up 45% YoY), while retail Ebitda surprisingly reported 13% YoY growth (10% beat) despite revenue decline.
RJio’s revenue/Ebitda growth continued to slow to 6%/8% QoQ (in line) due to the combination of 4% average revenue per user and 1% subscriber growth, coupled with 100 basis point margin expansion to 43.9%.
Reliance Retail Ltd.’s like-to-like net revenues were down 9% to Rs 378 billion (weaker than Q2 FY21), while Ebitda was up 13% YoY (10% beat) on Rs 8 billion investment income and cost management initiatives.
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