External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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><div><div><ul><li>Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,825/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></ul><div><div><div><ul><li>Tata Power: During Q4FY22, Tata Power completed the merger of Mundra into its standalone business and also secured the extension of mining lease in KPC for 10 years.</li></ul><div><div><div><ul><li>Federal Bank: Federal Bank’s (FB) Q4FY22 earnings missed our estimates, largely on account of accelerated absorption of family pension expenses, but these were partly offset by multi-quarter low credit costs (20bps).</li></ul></div></div></div></div></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>

Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,825/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.Tata Power: During Q4FY22, Tata Power completed the merger of Mundra into its standalone business and also secured the extension of mining lease in KPC for 10 years.Federal Bank: Federal Bank’s (FB) Q4FY22 earnings missed our estimates, largely on account of accelerated absorption of family pension expenses, but these were partly offset by multi-quarter low credit costs (20bps).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.

HSIE Results Daily: Reliance Industries, Tata Power, Federal Bank, DCB Bank

<div><ul><li>Standalone oil to chemicals (O2C) segment: <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);">Revenue grew 53% YoY to INR and higher volumes</span></li><li><span style="font-size: var(--content-font-size);"><span style="font-size: var(--content-font-size);">Oil &amp; gas: </span></span><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></ul><div><div><div><div><div><div></div></div></div></div></div></div><ul><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></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>

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

Reliance Industries - Energy Business Outlook Sanguine. Maintain ADD.

<div><div><ul><li>Standalone oil to chemicals (O2C) segment: R<span style="font-size: var(--content-font-size);">evenue 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: Revenue grew ~4x YoY to INR 20bn and EBITDA improved ~5x <div><div><div><p>YoY to INR 15bn, driven by sharp improvement in price realisaton and stable <span style="font-size: var(--content-font-size);">production from the KG D6 block.</span></p></div></div></div></li></ul></div><div><div><div><ul><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></div></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>

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.

Reliance Industries - Energy Business Outlook Sanguine

<p>RIL reported standalone revenue of INR 1,112bn (+81% YoY; +15% QoQ) and EBITDA of INR 139bn, (+60% YoY; +12% QoQ), 3% below our estimates in Q3. Standalone APAT was at INR 102bn (+18% YoY, +10% QoQ; HSIE:INR 113bn).</p><div class="content-highlight"><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></div>

RIL reported standalone revenue of INR 1,112bn (+81% YoY; +15% QoQ) and EBITDA of INR 139bn, (+60% YoY; +12% QoQ), 3% below our estimates in Q3. Standalone APAT was at INR 102bn (+18% YoY, +10% QoQ; HSIE:INR 113bn).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 (Results Review 3QFY22): Growth in all segments. Maintain ADD

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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.

<ul><li>Reliance Industries (RIL) is one of India’s biggest conglomerates with a presence in oil refining &amp; marketing and petrochemicals, oil &amp; gas exploration, retail, digital services and media, etc, making it a well-diversified business entity</li><li>Reliance Jio raised its prepaid tariffs by ~20% across the board, albeit maintaining the popular packs pricing at 7-14% discount to peers.</li><li>We upgrade the stock to BUY after ~9% correction in the last 1.5 months. On an SOTP basis, we value the stock at Rs 2925/share</li></ul><div class="content-highlight"><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></div>

Reliance Industries (RIL) is one of India’s biggest conglomerates with a presence in oil refining &amp; marketing and petrochemicals, oil &amp; gas exploration, retail, digital services and media, etc, making it a well-diversified business entityReliance Jio raised its prepaid tariffs by ~20% across the board, albeit maintaining the popular packs pricing at 7-14% discount to peers.We upgrade the stock to BUY after ~9% correction in the last 1.5 months. On an SOTP basis, we value the stock at Rs 2925/shareContent 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: Raises Tariffs; Pricing Still at Discount to Peers

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)

HSIE Results Daily: Reliance Industries, Tata Power, Federal Bank, DCB Bank

RIL reported standalone revenue of INR 1,295bn (+61% YoY; +16% QoQ) and EBITDA of INR 146bn, (+43% YoY; +11% QoQ), 3% below our estimates in Q4.

HDFC Securities

Reliance Industries - Energy Business Outlook Sanguine. Maintain ADD.

RIL reported standalone revenue of INR 1,295bn (+61% YoY; +16% QoQ) and EBITDA of INR 146bn, (+43% YoY; +11% QoQ), 3% below our estimates in Q4.

HDFC Securities

Reliance Industries - Energy Business Outlook Sanguine

RIL reported standalone revenue of INR 1,295bn (+61% YoY; +16% QoQ) and EBITDA of INR 146bn, (+43% YoY; +11% QoQ), 3% below our estimates in Q4

HDFC Securities

Reliance Industries (Results Review 3QFY22): Growth in all segments. Maintain ADD

RIL reported standalone revenue of INR 1,112bn (+81% YoY; +15% QoQ) and EBITDA of INR 139bn, (+60% YoY; +12% QoQ), 3% below our estimates in Q3....

HDFC Securities

Reliance Industries: Raises Tariffs; Pricing Still at Discount to Peers

On a consolidated basis, O2C and oil & gas contributed 62% to revenue, while retail, digital and others contributed 28%, 3% and 7%, respectively....

ICICI Securities Limited

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