RIL Q1 Review - Oil-To-Chemicals, Telecom Deliver; Retail Is Recovering Gradually: Motilal Oswal
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Motilal Oswal Report
Reliance Industries Ltd.'s Ebitda for the consolidated/standalone business rose 38%/61% YoY in Q1 FY22 on a low base of last year (2% beat).
Reliance Jio’s Ebitda was in line (up 23% y-o-y), while the same for retail grew 79% y-o-y (6% beat) on a low base.
Despite the impact of the second Covid-19 wave, RJio held its ground after the push from the Jio Phone launch in Q4 FY21.
Reliance retail’s revenue/Ebitda grew 19%/79% YoY (6% Ebitda beat) as the second Covid-19 wave had a lesser impact versus that in Q1 FY21, cushioned by the e-commerce business, swift recovery, and lesser intensity of the lockdown.
RIL reported an oil-to-chemicals Ebitda that was 6% higher than our estimate at Rs 114.6 billion (up 61% y-o-y, up 12% q-o-q).
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