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ICICI Direct Report
Reliance Industries Ltd.’s results were better than estimates on the operational profitability front. Revenue was up 15.3% YoY to Rs 220592 crore as all major segments reported revenue growth. It de-grew 5.3% QoQ mainly due to a weak petchem performance.
Ebitda was at Rs 35247 crore, up 18.7% YoY and 12.9% QoQ versus our estimate of Rs 34249.2 crore. Ebitda growth YoY was driven by oil and gas (up 91% YoY) and digital service (up 26.1% YoY).
However, RIL's profit after tax was lower than estimates at Rs 15792 crore (our estimate: Rs 17267.7 crore) due to higher-than-expected depreciation and interest. Profit after tax de-grew 14.9% YoY but was up 15.6% QoQ.
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Also Read: Reliance Industries Q3 Results: Profit Rises 14.8% On Higher Operating Margin, Beats Estimates
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