RIL Q1 Review – Steady Performance In Challenging Times: Prabhudas Lilladher

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We change our earnings by down 4%/+5.1% for FY22/23E, as we expect Reliance Industries Ltd.’s growth to be back ended.

Despite pandemic restrictions, oil-to-chemical segment benefitted from higher spreads (polymer margins up 30-40% from pre Covid-19 levels, albeit lower sequentially) and cost optimisation while Reliance Jio performance was steady.

Retail was hit by lower footfalls (down 46% q-o-q), but will pick up as restrictions ease.

Recovering economic activity augurs well for all RIL’s business segments and downstream focus will create value, going ahead.

We believe RIL with its stated intention to forge global partnership across businesses, is well positioned to incubate new business and pursue inorganic opportunities with its liquid balance sheet.

Click on the attachment to read the full report:

Prabhudas Lilladher RIL Q1FY22 Result Update.pdf


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