Reliance Industries Q2 Review - Weak Results; Recovery On Oil-To-Chemical, Retail Remains Key: Motilal Oswal

Motilal Oswal Report

Reliance Industries Ltd.’s Q2 FY25 consolidated Ebitda declined 5% YoY (flat QoQ) to Rs 391 billion (2% miss) due to a weaker performance in oil-to-chemical (softer refining/petchem cracks) and Reliance Jio (elevated subscriber churn).

Reliance Retail remained weak because of rationalization efforts. Attributable profit after tax declined ~5% YoY to Rs 166 billion (+9% QoQ), but it exceeded our estimate by 4% on lower depreciation and higher other income.

Reliance Jio: Revenue/Ebitda grew 7%/8% QoQ, but came in 2% below our estimates as the partial flow-through of the recent tariff hike was partly offset by a large subscriber loss (net wireless subs declined ~13 million).

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