As Reliance Industries Ltd. (RIL) announced its Q3 results today, it has finished a year of new possibilities. While 60% of the refining and petrochemicals giant’s FY23 revenue came from its traditional oil-to-chemicals (O2C) business, all eyes have been on its digital and retail business which have come to make up for the weakness in the 02C business. JP Morgan has estimated that the digital and retail businesses will account for 95 percent of the RUL’s EBITDA growth over the next three years.
