Reliance Industries’ board is set to consider and approve unaudited results for the quarter and half-year ended Sept. 30 on Friday, Oct. 30, as an NDTV Profit preview points to oil-to-chemicals earnings as a leading source of sequential growth.
In its Oct. 29 preview, NDTV Profit estimated oil-to-chemicals (O2C) EBITDA at ₹20,082 crore for the September quarter, an 18% rise from ₹17,010 crore in the June quarter. The outlet cited potential support from improved earnings at the special economic zone refinery, U.S. ethane-based petrochemical operations and a weaker rupee. Reliance groups refining, petrochemicals, retail fuel, aviation fuel and bulk wholesale marketing within O2C.
Reliance’s Q1 release reported O2C EBITDA of ₹17,010 crore for the quarter ended June 30. The company linked that result to better margins on transportation fuels and downstream petrochemicals, while saying higher feedstock costs and reduced output during scheduled maintenance cut into earnings. Those figures describe the June quarter, not the September-quarter results awaiting board review.
NDTV Profit estimated retail EBITDA at ₹6,784 crore, up 7% from ₹6,309 crore in the June quarter. It said differences in festive timing could weigh on retail growth and margins. For oil and gas, the outlet projected EBITDA of ₹4,973 crore, unchanged from June, and said lower production could weigh on the segment.
The same preview put consolidated revenue at ₹313,700 crore, up 1.4% sequentially, and net profit at ₹21,368 crore, a 2% increase from ₹20,946 crore. It estimated digital-services EBITDA at ₹21,889 crore, up 3% from ₹21,255 crore in the June quarter. These are NDTV Profit’s forecasts; Reliance’s board notice provides no September-quarter financial figures.
The board notice also lists a possible private placement of listed, redeemable non-convertible debentures. The issue could be secured or unsecured and made in one or more tranches, but the notice gives no proposed amount or results-release time. Reliance said an analyst meeting would follow the board session.
