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ICICI Securities Report
Reliance Industries Ltd. has reported a weak Q2 FY23, with 18% QoQ decline in Ebitda to Rs 312 billion and 20% QoQ decline in net earnings to Rs 155.1 billion (Ebitda up 20% YoY/profit after tax flat YoY.
The weak performance of oil-to-chemical segment was the key reason for the dip, with segmental Ebit of Rs 97.8 billion (down 9% YoY, down 46% QoQ).
Benchmark gross refining margins (Singapore GRMs) have dipped $12/barrel of oil QoQ and integrated petrochemical spreads are also down $609/tonne, likely impacting OTC segment performance. RIL's OTC earnings also saw a $4/bbl hit (Rs 40 billion) in refining from the special excise duty or ‘windfall tax’.
Upstream was strong with gas output at ~19 million metric standard cubic meter per day in Q2, jumping 5.6 times YoY in segmental Ebit with more growth in store, as output ramps up to ~30 mmscmd by FY24.
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