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Prabhudas Lilladher Report
We leave our FY22/23E estimates unchanged, but increase FY21 estimates by 34% to factor in deferred tax credit for restructuring of the oil-to-chemical business and other changes in depreciation and finance charges.
Recovering economic activity augurs well for all Reliance Industries Ltd.’s business segments and downstream focus will create value going ahead.
The company with its stated intention to monetise and forge global partnership across businesses, is well positioned to incubate new business and pursue inorganic opportunities given its liquid balance sheet.
We believe positive news flow on global partnerships or stake sale is likely to keep valuations at elevated level.
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