RIL FY24 Annual Report - Earnings Growth Slows, RE Investments The Key Focus Over FY25-27E: ICICI Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .ICICI Securities Report.The FY24 annual report of Reliance Industries Ltd. throws up some interesting data points:No let-up in capex intensity, despite expectation of some moderation (cash capex of Rs 1.5 trillion in FY24, an Rs 119 billion over FY23, a new high).Net debt (including spectrum and other deferred payment liabilities) remained flattish at Rs 3.04 trillion YoY, despite a material Rs 1.65 trillion in operating cash flow in the year.Net working capital (excluding cash) increased by Rs 119 billion (over FY22-24), driven by a sharp uptick in inventories.Free cash flow generation remains elusive, despite sharply higher profitability – FCF yield of 0.2% versus an average negative yield of 1.1% over FY21-23. .We introduce FY27E earnings per share of Rs 139.2 with this note, a rollover to FY27E multiples and some reduction in net debt drives a revision in target price to Rs 2,970 (from Rs 2,954). Reiterate Hold..Upside Key risks Stronger oil-to-chemical margin, lower capex, stronger average revenue per user growth in RJio, and faster-than estimated execution on green energy plans Downside Key risks Weaker OTC margins, slower growth in retail, delay in execution of new energy business..Click on the attachment to read the full report:.Gravita India - Getting The ‘Lead Out’ In Style; Motilal Oswal Initiates Coverage With A Buy .DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

RIL FY24 Annual Report - Earnings Growth Slows, RE Investments The Key Focus Over FY25-27E: ICICI Securities

The brokerage has tweaked its earnings estimates of the company marginally to factor in higher depreciation, lower other income and higher tax.

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RIL FY24 Annual Report - Earnings Growth Slows, RE Investments The Key Focus Over FY25-27E: ICICI Securities

The brokerage has tweaked its earnings estimates of the company marginally to factor in higher depreciation, lower other income and higher tax.

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