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Reliance Q3 Earnings; All Eyes On Telecom And Retail Revenues

Reliance Industries will report its December quarter results. Analysts see a flattish profit and some pressure on refining margins on a sequential basis. Telecom and retail segments may show strong results.

Petchem margin, update on Jio business and capex-related plans will be the key monitorables, they said.

Brokerage Edelweiss Securities expects the oil-to-telecom major to report a 3 percent sequential drop in consolidated Ebitda, but sees PAT to rise 2 percent due to higher other income and lower interest costs.

“Weaker refining earnings (down 18 percent QoQ) and flat petchem (up 1 percent QoQ) will offset higher retail (up 9 percent QoQ) and telecom (up 7 percent QoQ) earnings. GRM is estimated to fall 7 percent QoQ to USD 8.8 a barrel,” Edelweiss said in a note.

Motilal Oswal Securities expects the Mukesh Ambani-led company to report a consolidated profit after tax of Rs 9540 crore, up 1 percent YoY and almost same as in the September quarter.

It expects the company to report GRM of USD 7.5 a barrel, against USD 9.5 per barrel in the September quarter and USD 11.6 a barrel in the year-ago quarter. This would still imply a premium of USD 3.2 a barrel over Singapore GRM.

“Petrochemical segment is expected to do better due to healthy deltas and strong volume growth in the segment. We expect RIL to report consolidated Ebitda Rs 20,280 crore, up 15 percent YoY, down 4 percent QoQ,” the brokerage said.

Prabhudas Lilladher expects a 3.1 percent fall in adjusted profit due to weak refining earnings, despite petrochemicals earnings and rupee (depreciation) tailwind.―India Finance News

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