Motilal Oswal: Reliance Industries Q2 Review - Consumer Business Cushions Sharp Fall In Oil, Gas Business
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Motilal Oswal Report
Reliance Industries Ltd.’s Q2 FY21 consolidated/standalone business Ebitda was down 14%/44% YoY.
This was weighed by sharp decline in refining throughput/margin and a weak retail busines (hurt by the lockdown), but partly offset by the growing digital business.
Reliance Jio’s revenue/Ebitda growth slowed to 6%/7% QoQ (in-line) due to the combination of 3% average revenue per user and subscriber growth each, coupled with 60 basis point margin expansion to 42.6%.
Reliance Retail’s net revenues were flat YoY at Rs 366 billion (in-line). This is commendable despite the lockdown and lack of footfall at stores in Q2 FY21.
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