德银-印度-石油与天然气行业（个股-信实工业）-新产能交付-20180120-17页

20January2018Oil&GasRelianceIndustriesRatingBuyValuation&RisksEnergyOil&GasPriceat18Jan2018(INR)921.00Pricetarget-12mth(INR)1,150.0052-weekrange(INR)953.05-504.28BombayStockExchange(BSE30)34,592ResultsAsiaIndiaCompanyRelianceIndustriesReutersBloombergExchangeTickerRELI.BORILINBSERELIDate20January2018DeutscheBankMarketsResearchNewcapacitiesdeliver-robustpetchemandtelecomperformanceExpectingRJIOrevenueramp-up,contributionfromcoresectorprojectsRelianceIndustries(RIL)reportedstrong3Qresultsledbyarobustperformancefromthepetchembusiness.WhilerefiningEBITwasdown1%YoYtoINR60.8bnduetolowerthroughputandrupeeappreciationYoY,petchemEBITwasup69%YoYtoINR56.6bnduetostrongmarginsandhigherproductionfromexpandedcapacities.RJIOreportedEBITDAofINR26.3bn(already38%ofpetrochemicalsEBITDAinitssecondquarterofcommercialoperations)andnetprofi