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Reliance Industries - Building The Next Engine Of Growth: Motilal Oswal

Reliance Industries - Building The Next Engine Of Growth: Motilal Oswal

<div class="paragraphs"><p>Reliance Industries' refining hub in Jamnagar. (Photo: Company website)</p></div>
Reliance Industries' refining hub in Jamnagar. (Photo: Company website)

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

We delve deep into Reliance Industries Ltd.’s FY22 annual report, underscoring the key initiatives and business outlooks for its various segments. The key highlights of our analysis are furnished below:

  • RIL’s FY22 belonged to the oil-to-chemicals segment performance that outpaced other segments, even as Reliance Jio retained its market share and retail business saw a steady recovery. The high crude prices led to 56% YoY Ebitda growth in O2C business while retail grew 28% YoY; RJio growth, however, decelerated to 22% YoY.

  • Post-equity raise during the last couple of years, FY22 saw a strong capex with heavy investments, especially in RJio, which included a large-scale spectrum investment.

  • Retail witnessed aggressive footprint additions, while new energy reported aggressive acquisitions.

  • The growth momentum and improved margin profile across the sector will drive RIL’s revenue/Ebitda growth of 25%/32% in FY23E, respectively.

Click on the attachment to read the full report:

Motilal Oswal RIL Annual Report Analysis.pdf

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