JIO likely to be savior in Reliance Industries fourth quarter results

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(Commercial Representative) Mumbai Ta. Wednesday, April 29, 2020

Reliance Jio is likely to be the business savior in the fourth quarter as well as in the results for the fourth quarter and full financial year 2018-20, which will be announced by Reliance Industries Limited tomorrow, April 30, 2020. Analysts estimate that the telecom business is expected to perform well against the weakness in the retail, refining and petrochemicals businesses and the overall results are expected to be modest.

On a consolidated basis, analysts estimate that the company will achieve a net income of Rs 1,8,000 crore and a net profit of Rs 10,60 crore in the fourth quarter from January to March 2020. The company is scheduled to consider a proposal for a rights issue of shares in the fourth quarter, full fiscal year results for April 30, 2020, at a board meeting. Reliance Industries had consolidated net profit of Rs 11,60 crore and revenue of Rs 1,8,8 crore in the third quarter of October-December 2020.

According to the CLSA report, with global growth slowing, refining and petrochemical margins are projected to reach the bottom of the decade in FY21 and refining from the lockdown to the lowest level of the refining decade. Of course, the direct impact is likely to be less in the current circumstances of Reliance Industries' telecom business Geo. The steady price growth in this sector is a positive estimate with the addition of subscribers. According to a report by Credit Suisse, Geo's ARPU is projected to increase to Rs 150 crore in FY207 and its subscriber base to Rs 80 crore by the end of FY207.

The lockdown in Reliance Industries' retail business will affect sales and significantly reduce the number of people entering the store, with malls closing in most states. The performance of the petrochemical business is also estimated to have a persistent negative impact. PE-polyethylene and PX-parasylene are likely to stabilize on a quarterly basis in the fourth quarter. Petrochem margins are projected to remain under pressure.

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