'RIL's New Energy Business Moving Behind Vs Expectations In FY24': Probal Sen Tells

Deven Choksey, Managing Director of DRChoksey Investment Managers Private Limited, along with Probal Sen, Senior Research Analyst for the Indian Oil & Gas Sector at ICICI Securities, shared their perspectives on the outlook for Reliance Industries.
Probal Sen says that Reliance Industries' new energy business is falling behind expectations for FY24, but he doesn’t see current delays affecting the stock’s prospects. While capital expenditures in new energy are rising, retail momentum is slowing, and there are concerns about margin volatility in the oil sector. Despite these challenges, RIL's commodity business maintains stable profit margins. Sen anticipates the O2C segment's contribution to EBITDA will decrease to 28-29% and is optimistic about future profitability growth from Jio, although concerns about potential costs remain. RIL's RoE and RoCE are below 10%, with a slower-than-expected capex run rate.
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