Buy Reliance Industries, target price Rs 2950: JM Financial

JM Financial has buy call on Reliance Industries with a target price of Rs 2950.The current market price of Reliance Industries is Rs 2567.25.

Reliance Industries, incorporated in the year 1973, is a Large Cap company (having a market cap of Rs 1744949.86 Crore) operating in Diversified sector.

Reliance Industries key Products/Revenue Segments include Petrochemicals, Oil & Gas, Income From Financial Services, Other Services, Others and Income from Retailing for the year ending 31-Mar-2022.

Financials
For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 236377.00 Crore, up 4.89 % from last quarter Total Income of Rs 225360.00 Crore and up 32.55 % from last year same quarter Total Income of Rs 178328.00 Crore. Company has reported net profit after tax of Rs 15587.00 Crore in latest quarter.

The company’s top management includes Mr.Mukesh D Ambani, Mr.K V Chowdary, Mrs.Arundhati Bhattacharya, Dr.Shumeet Banerji, Mr.Raminder Singh Gujral, Mr.Adil Zainulbhai, Mrs.Nita M Ambani, Mr.Hital R Meswani, Mr.Nikhil R Meswani, Mr.Pawan Kumar Kapil, Mr.P M S Prasad, Mr.Yasir Othman H Al Rumayyan. Company has S R B C & Co. LLP as its auditors. As on 30-09-2022, the company has a total of 677 Crore shares outstanding.

Investment Rationale
The brokerage maintains BUY on RIL (TP of INR 2,950) given RIL’s industry leading capabilities across businesses and expectation of strong 14-15% EPS CAGR over the next 3-5 years.

Promoter/FII Holdings
Promoters held 50.57 per cent stake in the company as of 30-Sep-2022, while FIIs owned 26.3 per cent, DIIs 14.85 per cent.