The consolidated revenue for the country’s most valuable company by market capitalisation rose 52.2 percent YoY to Rs 209,823 crore in the quarter. The company said that it clocked record earnings before interest, tax, depreciation and amortization (EBIDTA) led by its O2C, oil and gas, retail and digital services.
The Jio Platforms business reported gross revenue of Rs 24,176 crore in the December quarter, up 13.8 percent after adjusting for Interconnect Usage Charges (IUC).
RIL said that healthy subscriber addition of 34.6 million was to some extent offset by the churn due to SIM consolidation and repurposing of customer retention.
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At 10.39 am, the stock was trading at Rs 2,449.85, down Rs 28.25, or 1.14 percent, on the National Stock Exchange. It touched an intraday high of Rs 2,504.10 and an intraday low of Rs 2,443.20.
Here's what brokerages say about the stock post December quarter earnings:
The firm has maintained its overweight call on the stock with the target at Rs 2,925 per share. "The firm reported 5 percent beat on earnings driven by higher telecom ARPUs, upstream gas EBIDTA and retail margin. However, the telecom subscriber churn is a key negative. Overall earnings upgrade story is firmly in play," it said.
The research firm has maintained its buy call on the stock with the target at Rs 2,950 per share. RIL's EBITDA growth of 6 percent was ahead of estimates on a large beat in retail. Strong network expansion, revenue beat and profitability improvement were the key highlights.
Jio's subscriber churn was a disappointment, but strong margin performance surprised positively. Refining remains firm, while petchem has hit a soft patch on weak Chinese demand. Forecast 22 percent adjusted EPS CAGR over FY22-24, it said.
The research firm has maintained its outperform rating with the target at Rs 2,850 per share. Q3 standalone EBITDA, EBIT and profit of 3-6 percent was ahead of estimates. The big upstream beat is partly offset by a slight miss in O2C. Higher retail profit drove a 6-7 percent consolidated EBITDA/EBIT beat. The brokerage firm has raised EPS estimates by 3-7 percent.
The firm has retained its underperform call with the target at Rs 2,850 per share. Retail revenue momentum, improved E&P profit are the positives. Refining margin improvement and lower-cost debt refinancing were the key positives. Jio subscriber churn, low tax rate, one-off disposal gain were the negatives. It raised FY22-24 EPS estimates by 1-2 percent on a higher energy division margin.
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