Reliance Industries FY24 AGM - Targets To Double Ebitda In Next Five Years: Motilal Oswal

Motilal Oswal Report

We attended the 47th AGM of Reliance Industries Ltd. held on August 29, 2024, in which the management reiterated its strategic vision for its four key businesses – telecom, retail, oil-to-chemical and new energy.

The company aims to double its Ebitda in the next five years, powered by 5G opportunities, increased investments in AI/data centers, further expansion in Retail (physical + digital) and the start of PV/battery facilities in New Energy.

While RIL delivered a weak Q1 FY25 earnings performance, we believe Q2 FY25 should benefit from sequentially higher refining margin (SG GRM: $4.3/barrel of oil QTD versus $3.5/bbl in 1Q), the partial benefits of telecom tariff hikes taken in Q1 and an improving retail earnings momentum QoQ on a weak Q1 base.

We maintain our Buy rating on the stock with a target price of Rs 3,435.

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