RIL Q4 Review - Await Triggers To Boost Stock Performance: ICICI Securities
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ICICI Securities Report
Reliance Industries Ltd.’s Q4 FY21 recurring earnings per share was up 8% year-on-year driven by rise in retail and digital services Ebitda.
FY21E recurring EPS was down 9% YoY with only digital services Ebitda being up YoY.
Fall in oil-to-chemicals Ebitda was modest in Q4 compared to FY21.
Both Q4 and FY21 EPS was supported by sharp fall in tax.
Petrochemicals and retail were the bright spots in Q4.
Retail may lose momentum due to Covid-19 second wave while petrochemicals may be hit by large capacity additions in H2/Q4 FY22E.
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