Q4FY24 Preview: Reliance Industries: EBITDA seen at ₹425,702 Million, PAT at ₹ 190,501 Million

19 Apr 2024 , 02:54 PM

Result date: April 22, 2024

Recommendation: Buy

Target price: ₹2,792

Reliance Industries (RIL) is likely to register 10% sequential growth in Profit After Tax (PAT), believe analysts at IIFL Capital Services. At the PAT level, GRM gains could offset weak petchem even as other businesses could maintain their steady performance. Share of B2C segment in the overall EBITDA is estimated at 47% versus 45% over the year-ago quarter and 48% sequentially. Consolidated EBITDA is seen growing at 11% over the year-ago quarter. EBITDA of E&P segment could grow at a robust 53% on the back of ramp-up in production from KG D6 basin. EBITDA growth in retail segment will be led by ramp up of stores. Digital segment’s EBITDA though could grow in single digit.

₹ Million	March 2024 estimates	YoY change	QoQ change
EBITDA	425,702	11%	5%
Profit After Tax	190,501	(1)%	10%

Source: IIFL Research

Segment EBITDA (₹ Million)	March 2024 estimates	YoY change	QoQ change
O2C	157,517	(3)%	12%
Oil & Gas	58,254	53%	0%
Retail	61,950	26%	(1)%
Digital services	145,168	8%	2%
Others	19,710	6%	0%

Source: IIFL Research