Reliance Industries Q1 Results Review - O2C, Retail Drag Performance; Telecom Stable: Motilal Oswal

Motilal Oswal Report

Reliance Industries Ltd.’s Q1 FY25 consolidated revenue/Ebitda grew 12%/2% YoY to Rs 2.3 trillion/Rs 388 billion (in-line/5% miss), while PAT dipped 5% YoY to Rs 151 billion (9% miss). Ebitda/PAT missed our estimates due to the standalone/retail segments, while all three segments drove revenue growth.

RJio’s revenue/Ebitda/PAT increased ~2% QoQ each (in line) in Q1 FY25, led by 7.9 million subscriber additions, while average revenue per user was flat QoQ. The growth in network operating costs moderated and consequently, led to ~60% incremental Ebitda margin.

Reliance Retail posted soft revenue growth of 7% YoY (9% miss), while area additions were robust at 15% YoY. Growth was fueled by Grocery and Electronics segments. Ebitda grew 8% YoY (8% miss), offset by higher depreciation, and consequently, PAT was flat during the quarter.

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