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Dolat Capital Report
Reliance Jio Infocomm Ltd.'s Q4 FY24 results were largely in-line and modest with revenue/Ebitda/adjusted profit after tax growth of 11/ 11.5/13.2% YoY and 2.5/2.5/2.4% QoQ.
Sub adds were healthy for eighth quarter at 10.9 million and average revenue per user was flat.
Vodafone Idea's fund raise is a potential risk not just to growth but also quasi-duopoly market structure. However, Jio's lead on 4G/5G networks and impending payout of Vodafone Idea implies significant steep tariff hikes for industry and shall benefit jio more.
Key triggers are-
steep tariff hikes,
5G pickup,
peak investments behind and
potential listing of Jio.
Our enterprise/equity value for Jio is Rs 1,350/1,090 at 11 times FY26E EV/E (versus Rs 1,190/935 at 10 times). Not rated.
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