RIL - Impressive Q4 Performance But Challenges Ahead: Prabhudas Lilladher
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Prabhudas Lilladher Report
We increase our FY22/23E Ebitda estimates by approximately 3% to factor in faster exploration and production volume ramp up, but higher depreciation and other minor changes lead to earnings per share cut of 2%/6% respectively.
Recovering the global economy aided by expanding vaccination coverage will help drive demand (albeit near term challenges in the domestic market) and augur well for all Reliance Industries Ltd.’s business segments.
With stated intention to monetize and forge global partnership across businesses, the company is well-positioned to incubate new business and pursue inorganic opportunities given its liquid balance sheet.
We believe positive news flow on global partnerships or stake sale will likely keep valuations at an elevated level.
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