Mumbai: Brokerages have largely retained a bullish view on (RIL) after its March quarter earnings citing its telecom and new energy business as growth drivers.
RIL posted a 22.5% year-on-year rise in consolidated net profit at ₹16,203 crore.
The stock ended down 4% at ₹2,517.15 on Monday.
“We expect further acceleration in earnings with our expectation of 21% quarter-on-quarter growth in 1QFY23 led by refining and E&P. We see Reliance as a unique energy transition story where strong cash flows from best in class old energy business can fund a hyper integrated manufacturing-led profitable transition to green energy,” said Goldman Sachs which has retained buy rating with a target price of ₹3,200.
“Growth in retail, continued pick-up in wired broadband subscribers, a possible end to SIM consolidation, the full benefit of last year’s tariff hike and the recent spike in refining margins should drive up earnings momentum in FY23 and make Reliance one of the strongest earnings growth stories in the large-cap space,” said CLSA, maintaining buy with a target price of ₹2,955.
Stanley has retained an overweight stance with a target price of 3,253. and also have a buy rating on the stock.
UBS has maintained a neutral rating with a target of 2,900.
has retained add rating but lowered the target price to 2,865 from 2,960 as it is sceptical of meaningful expansion in return ratios or any major moves to return cash to shareholders due to the new energy investment plans.
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