We expect RIL to report 11% q/q Ebitda growth driven by O2C and retail. Subscriber adds in Jio, renewed lockdown in retail and petrochemical margins are key. OMC operating performance should decline q/q on lower marketing margins. Inadequate price hikes due to elections could weigh on BPCL’s privatisation. P-LNG’s Ebitda should decline q/q on adverse Spot price but volumes have recovered while GAIL’s Ebitda should grow 34% q-o-q driven by gas trading profits.
RIL’s operating performance should improve sharply q-o-q: We expect 11% q-o-q improvement in consol Ebitda. O2C was buoyed by improving petrochemical and refining profitability while Retail benefited from demand normalisation. Jio’s Ebitda should be flat q-o-q on a sequential drop in revenues (IUC hit) but expanded Ebitda margin.
