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RIL Q3 Review: Consumer Holds The Fort As Oil, Gas Weakens: Motilal Oswal 

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Reliance Industries Ltd.’s Q3 FY21 consolidated/standalone business Ebitda was down 5%/33% YoY (6%/16% miss).

Reliance Jio’s Ebitda was in line (up 45% YoY), while retail Ebitda surprisingly reported 13% YoY growth (10% beat) despite revenue decline.

RJio’s revenue/Ebitda growth continued to slow to 6%/8% QoQ (in line) due to the combination of 4% average revenue per user and 1% subscriber growth, coupled with 100 basis point margin expansion to 43.9%.

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Reliance Retail Ltd.’s like-to-like net revenues were down 9% to Rs 378 billion (weaker than Q2 FY21), while Ebitda was up 13% YoY (10% beat) on Rs 8 billion investment income and cost management initiatives.

Click on the attachment to read the full report:

Motilal Oswal RIL Q3FY21 Result Update.pdf

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