Why is Reliance Jio so slow
Discussion on Reliance Industries WKN: 884241 ISIN: US7594701077 Abbreviation: RLI Forum: Community
JP Morgan TP: Rs 1,990 | Reco: Neutral EBITDA had a small miss in most segments, although the tax rate remained at 0%, and lower interest expense resulted in a consistent PAT reported. Since Refining and Petchem were merged into O2C, the segment was a failure and RIL did not disclose the reported GRMs as it would now report on an integrated O2C basis. We are surprised at the lack of any mention of the petroleum coke gasifier, which should have high profitability given the sharp rise in LNG spot prices. While Jio ARPUs were a hit, net subs addition was a big failure and this would worry the markets as earnings growth relies on tariff increases in FY 22-23. Retail EBITDA excluding investment income was weak. While we maintain our earnings for FY22-23, the third quarter shows that the earnings outlook for FY22 is increasingly binary in nature, entirely dependent on a) a strong refinery recovery and b) large telecom tariff increases with continued additional additions .
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