*Reliance Industries Ltd.* | *CMP* Rs. 2627 | *M Cap* Rs. 1665372 Cr | *52 W H/L* 2802/1746
(Nirmal Bang Retail Research)
*Result ahead of Expectation*
Revenue from Operations came at Rs. 167611 Cr (19.8% QoQ, 50.7% YoY) vs expectation of Rs. 144856.9 Cr, QoQ Rs. 139949 Cr, YoY Rs. 111236 Cr
EBIDTA came at Rs. 26020 Cr (11.3% QoQ, 37.3% YoY) vs expectation of Rs. 21687.1 Cr, QoQ Rs. 23368 Cr, YoY Rs. 18945 Cr
EBITDA Margin came at 15.5% vs expectation of 15%, QoQ 16.7%, YoY 17%
Adj. PAT came at Rs. 13680 Cr vs expectation of Rs. 11725.1 Cr, QoQ Rs. 12273 Cr, YoY Rs. 9567 Cr
Quarter EPS is Rs. 21.6
Share is trading at P/E of 30.6x FY22E EPS
*Reliance Jio* reported ARPU of Rs.143.6 vs QoQ Rs.138.4 YoY Rs.145,
Subscriber declined QoQ to 429.5mn vs QoQ 440.6mn, YoY 405.6mn
COVID-led spike in churn of low-end subscribers drives net subscriber decline of 11.1 million in 2Q FY22
Jio Revenue Came at Rs.19777cr Vs QoQ 18952cr (+4.4%) YoY Rs.18496cr (6.9%)
EBITDA Came at Rs.9294cr VS QoQ 8892cr YOY Rs.7971cr
EBITDA margin Came at 47% Vs QoQ 46.9% YoY 43.1%
*Reliance Retail* Revenue came at Rs.39926cr Vs QoQ 33566cr (+18.9%), YoY Rs.36566cr (+9.2%)
EBITDA margin Came at 7.3% QoQ 5.8% YoY 5.5%
*Reliance O2C* Business Reported Revenue of Rs.120475cr vs QoQ 103212cr (+16.7%) YoY Rs.76184cr (+58.1%)
EBITDA Came at Rs.12720cr vs QoQ 12231cr YoY Rs.8841cr
EBITDA margin Came at 10.6% Vs QoQ 11.9% YoY 11.6%