External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>RIL reported EBITDA of INR 220bn, (+92% YoY; +51% QoQ), 4% below our estimates in Q1</li><li>Standalone oil to chemicals (O2C) segment: Q1 EBITDA improved by 63% YoY to INR 194bn, mainly due to better transportation fuel cracks</li><li>Oil &amp; gas: Revenue grew ~3x YoY to INR 36bn and EBITDA improved ~4x YoY to INR 27bn, driven by sharp improvement in price realisaton and higher production from the KG D6 block</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

RIL reported EBITDA of INR 220bn, (+92% YoY; +51% QoQ), 4% below our estimates in Q1Standalone oil to chemicals (O2C) segment: Q1 EBITDA improved by 63% YoY to INR 194bn, mainly due to better transportation fuel cracksOil &amp; gas: Revenue grew ~3x YoY to INR 36bn and EBITDA improved ~4x YoY to INR 27bn, driven by sharp improvement in price realisaton and higher production from the KG D6 blockContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Reliance Industries - Growth Trajectory Continues

Thematic (Sector/Industry)

<ul><li>Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,860/sh is premised on (1) recovery in the O2C businesses; (2) continued EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams; and (3) potential for further value unlocking in the digital and retail businesses. </li><li>Gross slippages, at 2.9%, were elevated on account of the KCC portfolio, but were offset by higher recoveries, reflecting in negligible credit costs (adjusted for contingent provisions)</li><li>Despite a 54bps sequential reduction in the stressed pool (restructured portfolio at 0.8%, BB &amp; below portfolio at 1.9%), ICICIBC’s move to build up its contingent provisioning (+10bps) appears counter-intuitive and raises questions on the possibility of emerging risk markers in the portfolio</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,860/sh is premised on (1) recovery in the O2C businesses; (2) continued EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams; and (3) potential for further value unlocking in the digital and retail businesses. Gross slippages, at 2.9%, were elevated on account of the KCC portfolio, but were offset by higher recoveries, reflecting in negligible credit costs (adjusted for contingent provisions)Despite a 54bps sequential reduction in the stressed pool (restructured portfolio at 0.8%, BB &amp; below portfolio at 1.9%), ICICIBC’s move to build up its contingent provisioning (+10bps) appears counter-intuitive and raises questions on the possibility of emerging risk markers in the portfolioContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Reliance Industries, ICICI Bank, Kotak Mahindra Bank

<div><ul><li>RIL reported EBITDA of INR 220bn, (+92% YoY; +51% QoQ), 4% below our estimates in Q1.</li><li>Standalone oil to chemicals (O2C) segment: Q1 EBITDA improved by 63% YoY to INR 194bn, mainly due to better transportation fuel cracks.</li><li>Oil &amp; gas: Revenue grew ~3x YoY to INR 36bn and EBITDA improved ~4x YoY to INR 27bn, driven by sharp improvement in price realisaton and higher production from the KG D6 block.</li></ul></div>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

RIL reported EBITDA of INR 220bn, (+92% YoY; +51% QoQ), 4% below our estimates in Q1.Standalone oil to chemicals (O2C) segment: Q1 EBITDA improved by 63% YoY to INR 194bn, mainly due to better transportation fuel cracks.Oil &amp; gas: Revenue grew ~3x YoY to INR 36bn and EBITDA improved ~4x YoY to INR 27bn, driven by sharp improvement in price realisaton and higher production from the KG D6 block.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Reliance Industries (Q1FY23): Growth Trajectory Continues

HSIE Results Daily: Reliance Industries, ICICI Bank, Kotak Mahindra Bank, Persistent Systems

<div><ul><li>Strong quarter expected: We expect RIL to report EBITDA of INR 401bn, (+71% YoY; +28% QoQ), driven by (1) all-time high refining margins, (2) higher oil and gas price realisations, (3) sequential improvement in ARPU for JIO and (4) continued growth in retail business.</li><li>Oil to chemicals (O2C) segment: In Q1, we estimate O2C EBITDA +88% YoY to INR 224bn, primarily due to higher transportation fuel cracks to grow by and higher crude throughput estimates of 19.4mmt (+2.1% YoY, +0.5% QoQ).</li><li>Export tax hurting refiners’ net realisation: Over the last 15 days, gasoline cracks declined from the recent peak to USD 10.7/bbl (down by USD33.2/bbl), gasoil cracks declined to USD 35.1/bbl (down by 24/bbl) and ATF declined to USD 29.7/bbl (down by 25.6/bbl), implying negative spreads currently on export of gasoline (net of USD 12/bbl export tax) and significantly reduced realisations on export of diesel and jet kero for Indian refiners.</li></ul></div>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong quarter expected: We expect RIL to report EBITDA of INR 401bn, (+71% YoY; +28% QoQ), driven by (1) all-time high refining margins, (2) higher oil and gas price realisations, (3) sequential improvement in ARPU for JIO and (4) continued growth in retail business.Oil to chemicals (O2C) segment: In Q1, we estimate O2C EBITDA +88% YoY to INR 224bn, primarily due to higher transportation fuel cracks to grow by and higher crude throughput estimates of 19.4mmt (+2.1% YoY, +0.5% QoQ).Export tax hurting refiners’ net realisation: Over the last 15 days, gasoline cracks declined from the recent peak to USD 10.7/bbl (down by USD33.2/bbl), gasoil cracks declined to USD 35.1/bbl (down by 24/bbl) and ATF declined to USD 29.7/bbl (down by 25.6/bbl), implying negative spreads currently on export of gasoline (net of USD 12/bbl export tax) and significantly reduced realisations on export of diesel and jet kero for Indian refiners.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Reliance Industries - Concerns Overdone; Strong Quarter Expected

India

Reliance Industries Ltd. manufactures petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyester staple fiber. The Company also owns a petroleum refinery cum petrochemicals complex in Jamnagar, India that produces a wide range of products such as gasoline, superior kerosene oil and liquefied petroleum gas.

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Reliance Industries (RIL IN)

Reliance Industries - Growth Trajectory Continues

Standalone oil to chemicals (O2C) segment: Q1 EBITDA improved by 63% YoY to INR 194bn, mainly due to better transportation fuel cracks

HDFC Securities

HSIE Results Daily: Reliance Industries, ICICI Bank, Kotak Mahindra Bank

Gross slippages, at 2.9%, were elevated on account of the KCC portfolio, but were offset by higher recoveries, reflecting in negligible credit...

HDFC Securities

Reliance Industries (Q1FY23): Growth Trajectory Continues

Standalone oil to chemicals (O2C) segment: Q1 EBITDA improved by 63% YoY to INR 194bn, mainly due to better transportation fuel cracks.

HDFC Securities

HSIE Results Daily: Reliance Industries, ICICI Bank, Kotak Mahindra Bank, Persistent Systems

Gross slippages, at 2.9%, were elevated on account of the KCC portfolio, but were offset by higher recoveries, reflecting in negligible credit...

HDFC Securities

Reliance Industries - Concerns Overdone; Strong Quarter Expected

Month-to-date, Reliance Industries’ (RIL) stock has underperformed the Sensex by ~9% because of levy of Special Additional Export duty (SAED) on...

HDFC Securities

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