Shares of Reliance Industries (RIL) are likely to remain in focus after JP Morgan maintained an ‘Overweight’ rating on the stock, with a target price of Rs 1,530 per share.
JP Morgan highlighted that the acceleration in Reliance Retail’s growth to 16% year-on-year in both revenue and EBITDA was a key positive in the fourth quarter. The brokerage added that the favorable valuation could help drive the share price in the near term.
Reliance Industries reported strong Q4 results:
Consolidated net profit stood at Rs 19,407 crore compared to Rs 18,540 crore in the previous quarter and Rs 18,951 crore a year ago.
Consolidated revenue was reported at Rs 2.61 lakh crore, up from Rs 2.40 lakh crore sequentially and Rs 2.36 lakh crore year-on-year.
Consolidated EBITDA came in at Rs 43,832 crore versus Rs 43,789 crore in the previous quarter and Rs 42,516 crore in the year-ago period.
Consolidated EBITDA margin stood at 16.8%, compared to 18.25% quarter-on-quarter and 18% year-on-year.
At the current market price of Rs 1,301.00 per share, JP Morgan’s target price of Rs 1,530 implies an upside of approximately 18%.
Disclaimer: This article is for informational purposes only. Investors are advised to consult certified financial advisors before making any investment decisions.
