Reliance Q3 numbers were fairly strong with performance in several segments offsetting weakness in the gas exploration and O2C segments. Net debt continues to rise despite declining capex. Retail showed a 23% YoY growth in revenue and a 30% improvement in EBITDA, but return ratios remain below 10% due to increased capital allocation. Optimism remains for Jio s ARPUs with traction expected from enterprise and fiber to home business, 5G investments, and tariff monetization. Stock price outlook is neutral with a fair price of Rs 2600-2700.
"There is definitely a stress in the mass value segment and everyone was expecting EOSS to provide much needed momentum to the sale. But the growth is tepid and we are hoping the summer will be better," said Manish Kapoor, managing director of Pepe Jeans.
ICICI Securities reported a standalone net profit of Rs 465 crore for the quarter ending December 2023, a 67 percent YoY increase against the previous fiscal.