RIL shares zoom 5%, hit fresh 52-week high; m-cap tops Rs 19 lakh crore
RIL) on Monday rallied over 5% to hit a fresh 52-week high of Rs 2,826 on Monday with its market capitalisation crossing the threshold of Rs 19 lakh crore.
RIL's December quarter results were largely in-line with market expectations with its O2C EBITDA dropping 14% QoQ to Rs 140.6 billion due to maintenance in multiple units combined with lower cracks & deltas. Jio’s EBITDA was up 1.4% QoQ to Rs 142.6 billion, while Retail EBITDA rose 8% QoQ to Rs 62.7 billion.
RIL's profit after tax stood at Rs 19,641 crore in Q3FY24, down 1.2% QoQ and up 10.3% YoY and above market expectations of Rs 18,080 crore.
PAT margin came at 8.7% versus 8.6% in the previous quarter.
«We see this earnings report as a positive turning point to RIL's investment cycle and expectations on energy profitability. RIL's F3Q24 EBITDA (Rs405bn, down 0.7% QoQ) was a slight beat, 2% above our estimates, as better-than-expected gas production EBITDA more than negated the impact of fuel refinery maintenance,» Morgan Stanley said while giving a target price of Rs 2,821.
Analysts expect 2024 to be an eventful year for RIL as the past two years of investments move into the monetization phase.
