BQ Prime’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 BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Reliance Industries Ltd.’s Q2 FY23 consolidated revenue rose 37% YoY/5% QoQ (23% beat) mainly fueled by higher crude oil prices, while Ebitda grew 20% YoY (in line) as margin contracted 190 basis points YoY to 13.6%.
Profit after tax remained flat YoY (in line), dragged by lower operating profit, higher depreciation and finance cost.
RJio’s standalone revenue rose 3% QoQ (20% YoY; in line) supported by moderate subscriber/average revenue per user growth of 2%/1% sequentially.
Ebitda/profit after tax improved 5%/4% QoQ (28% YoY; in line), respectively, with 90 bps margin expansion to 51% driven by lower spectrum usage charge towards 5G.
Reliance Retail posted healthy revenue/Ebida growth of 45%/51% YoY, respectively, (14% beat on Ebitda) in Q2 FY23, led by the waning impact of the pandemic, improving customer sentiment and early onset of festivities.
Oil-to-chemicals Ebitda came in 5% below estimate at Rs 120 billion (down 3% YoY) in Q2 FY23. Ebtda/million tonne stood at ~$93 (down 7% YoY, down 45% QoQ). Production meant for sale stood at 16.2 metric million tonne in Q2 FY23.
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