Reliance EBITDA improves on rebound; balance sheet strengthened: Moody’s

Oil-to-telecom-to-retail conglomerate Reliance Industries has shown improvement in pre-tax profits in the September quarter as the Indian economy rebounded and the firm’s asset monetisation strengthened balance sheet, Moody’s Investors Service said on Monday.

Reliance Industries has reported a 7.9 per cent EBITDA growth for the July-September quarter compared with the preceding three months.

“Strong performance in digital services, and earnings recovery in the petrochemical and retail segments underpinned the improvement in consolidated earnings, a credit positive,” Moody’s said in a note.

Stating that the firm’s earnings are expected to gradually recover to pre-pandemic levels, the rating agency said RIL’s credit metrics will remain strongly positioned for its Baa2 rating because of its zero net debt status on a reported basis.