Motilal Oswal: Reiterate Belief In Reliance Industries’ Standalone Business
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Motilal Oswal Report
Over the last five years, Reliance Industries Ltd. has seen a huge transformation from being an energy company to becoming a market leader in both the digital and retail space.
The contribution from its standalone business to consolidated Ebitda has declined to approximately 60% in FY20 from ~85% in FY15, and is likely to decrease to ~45% in FY23E.
On a segmental standalone basis, petrochemical’s contribution to Ebitda stood ~35% in FY15 and is likely to grow to ~53% in FY23E on the back of various augmentation/upgrades the company has undertaken to integrate and form an oil-to-chemicals business (with a total capex spend of ~ Rs 2.4 trillion since FY15).
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