External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<div><ul><li>RIL reported EBITDA of INR 220bn, (+92% YoY; +51% QoQ), 4% below our <span style="font-size: var(--content-font-size);">estimates in Q1.</span></li><li><span style="font-size: var(--content-font-size);">Standalone oil to chemicals (O2C) segment: </span><span style="font-size: var(--content-font-size);">Q1 EBITDA improved by 63% </span><span style="font-size: var(--content-font-size);">YoY to INR 194bn, mainly due to better transportation fuel cracks.</span></li><li><p>Oil &amp; gas: <span style="font-size: var(--content-font-size);">Revenue grew ~3x YoY to INR 36bn and EBITDA improved ~4x </span><span style="font-size: var(--content-font-size);">YoY to INR 27bn, driven by sharp improvement in price realisaton and higher </span><span style="font-size: var(--content-font-size);">production from the KG D6 block.</span></p></li></ul></div><p><em>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.</em></p>

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

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><p><em>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.</em></p>

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, Persistent Systems

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

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

<div><div><div><ul><li>Imposition of a SAED of INR 6/ltr (USD 12/bbl) on exports of petrol and ATF <span style="font-size: var(--content-font-size);">and INR 13/ltr (USD 27/bbl) on exports of diesel.</span></li></ul></div></div><div><div><div><div><ul><li>Levy of a SAED of INR 23,250/mt (USD 40/bbl) on domestically produced <span style="font-size: var(--content-font-size);">crude oil. </span></li><li><span style="font-size: var(--content-font-size);">However, no cess will be imposed on the quantity of crude that is </span><span style="font-size: var(--content-font-size);">produced in excess of FY22 production.</span></li></ul></div></div></div></div></div><p><em>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.</em></p>

Imposition of a SAED of INR 6/ltr (USD 12/bbl) on exports of petrol and ATF and INR 13/ltr (USD 27/bbl) on exports of diesel.Levy of a SAED of INR 23,250/mt (USD 40/bbl) on domestically produced crude oil. However, no cess will be imposed on the quantity of crude that is produced in excess of FY22 production.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.

Indian Oil and Gas Sector - Subsidy Overhang to Reduce

<div><ul><li>Standalone oil to chemicals (O2C) segment: <span style="font-size: var(--content-font-size);">Revenue grew 53% YoY to INR </span><span style="font-size: var(--content-font-size);">1,370bn, primarily due to improved realisation, led by increase in oil prices </span><span style="font-size: var(--content-font-size);">and higher volumes. </span></li><li>Oil &amp; gas: <span style="font-size: var(--content-font-size);">Revenue grew ~4x YoY to INR 20bn and EBITDA improved ~5x </span><span style="font-size: var(--content-font-size);">YoY to INR 15bn, driven by sharp improvement in price realisaton and stable </span><span style="font-size: var(--content-font-size);">production from the KG D6 block.</span></li><li>RJPL: Revenue improved to INR 261bn (+21% YoY, +8% QoQ) due to increase in ARPU to INR 168 (+21% YoY, +11% QoQ).</li></ul><p><em>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.</em></p></div>

Standalone oil to chemicals (O2C) segment: Revenue grew 53% YoY to INR 1,370bn, primarily due to improved realisation, led by increase in oil prices and higher volumes. Oil &amp; gas: Revenue grew ~4x YoY to INR 20bn and EBITDA improved ~5x YoY to INR 15bn, driven by sharp improvement in price realisaton and stable production from the KG D6 block.RJPL: Revenue improved to INR 261bn (+21% YoY, +8% QoQ) due to increase in ARPU to INR 168 (+21% YoY, +11% QoQ).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.

Results Review Q4FY22 - Reliance Industries

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Reliance Industries (RIL IN)

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

Indian Oil and Gas Sector - Subsidy Overhang to Reduce

Reliance Industries (RIL), ONGC and Oil India (OIL) stocks declined 7-15% on 1st Jul-22 as investors took a dim view of the new levies applied on...

HDFC Securities

Results Review Q4FY22 - Reliance Industries

Standalone oil to chemicals (O2C) segment: Revenue grew 53% YoY to INR 1,370bn, primarily due to improved realisation, led by increase in oil...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)