Reliance Industries Q4 Review- Record Earnings To Close Out FY24; Risk-Reward Seems Balanced: ICICI Securities

NDTV Profit’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 NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.Reliance Industries Ltd. reported 11%/-2% YoY growth in Ebitda/net earnings in Q4 FY24 (FY24 Ebitda/profit after tax of Rs 1,622 billion/Rs 696 billion grew 14.1%/4.4% YoY). YoY performance was strong across segments, but QoQ, retail and upstream saw declines. Sequential improvement was driven by higher oil-to-chemical volumes/margins. Capex for Q4 dipped to Rs 230 billion, but FY24 capex of Rs 1.3 trillion is still material. While earnings performance is strong and gradual commissioning of New Energy facilities (starting H2 FY25E) will be an added driver, returns ratios and free cash flow yields remain muted and valuations seem to adequately factor in the upsides of steady earnings per share growth (compound annual growth rate of 9.4/11.6% in consolidated Ebitda/PAT over FY24–26E). Reiterate Hold, with a target price of Rs 2,810..Click on the attachment to read the full report:.Reliance Industries Q4 Results Review - Stronger O2C Offset Slowdown In Retail; Maintain Hold: Systematix.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Reliance Industries Q4 Review- Record Earnings To Close Out FY24; Risk-Reward Seems Balanced: ICICI Securities

Reiterate Hold

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