Reliance AGM 2023 - Succession Plan In Place: Systematix

Systematix Research Report

In order to put the succession plan in place, the second generation of the Ambani family has been inducted on the board of directors while Mukesh Ambani will remain chairman and Managing Director for Reliance Industries Ltd. for the next five years while Ms. Nita Ambani has stepped down from the board.

There are no major announcements during the annual general meeting and expect RIL to see an earning compound annual growth rate of 6.4% during FY23-FY25E.

The stock is trading at a price-to-earnings ratio of 21.8 times and enterprise /Ebitda of 10.6 times on FY25E.

Recently we had downgraded the stock to 'Hold' and maintained that with a target price of Rs 2,550.

Listing retail and digital services businesses may lead to upside risk to our valuations.

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