Reliance Industries Ltd - Q1 FY22 Result Report - YES Securities

(Rating: BUY, TP: Rs2,440, Upside: 16%)

- The consolidated net-revenue stood at Rs 1399 (+59% YoY; -6% QoQ), driven by better realizations in O2C segment, higher natural gas production, continued traction in telecom subscriber addition; offset partially by Covid induced drop in footfalls and muted store operations in Retail segment

- Consolidated Ebitda at Rs 233.6bn (+38% YoY), stood sequentially flat and in-line with estimates, as strong polymer & polyester deltas, along with improvement in transport fuel cracks, aided O2C earnings, to offset the sequential weakness in Retail segments operating profits

- We maintain our BUY recommendation on RIL, with a revised TP of Rs 2440/sh (from Rs 2325/sh) as we roll estimates forward and introduce FY24e. At CMP the stock is trading at 18x FY24e, as against 21x implied by our SOTP based TP

Shares of RELIANCE INDUSTRIES LTD. was last trading in BSE at Rs. 2054.3 as compared to the previous close of Rs. 2077.7. The total number of shares traded during the day was 271432 in over 28303 trades.

The stock hit an intraday high of Rs. 2083.5 and intraday low of 2041.2. The net turnover during the day was Rs. 559506080.

Source : Equity Bulls

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