Reliance Industries Q2 Review - Oil & Gas Shines; Retail Recovers; Jio Consolidates: Motilal Oswal

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Motilal Oswal Report

Reliance Industries Ltd.'s consolidated/standalone business Ebitda grew 51%/37% YoY (13%/11% beat led by the standalone business which saw a growth of 62% YoY and 8% QoQ) in 2QFY22.

• Reliance Jio’s Ebitda was in line (up 20% YoY and 4% QoQ). The same for Reliance Retail recovered by 45% YoY, 19% above our estimate.

• Jio’s revenue/Ebitda growth was moderate at 4% QoQ (in line) as a sharp (net 11.1 million decline) cleanup in subscribers was offset by a 4% average revenue per user increase and a 10 basis point margin expansion to 48%.

• Reliance Retail’s net revenue grew 9% YoY (8% above pre-Covid or 2QFY20 levels) to Rs 399 billion.

• Oil-to-chemicals Ebitda came in 17% higher than our estimate at Rs 124 billion (+62% YoY).

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