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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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