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Reliance Industries Ltd. Date: 15Th July, 2020 CMP- INR 1844 43Rd

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Reliance Industries Ltd. Date: 15th July, 2020 CMP- INR 1844 43rd Annual General Meeting webinar meet of Reliance Industries Ltd Key Takeaways: Highlights RIL raised INR 2,12,809 crore through Rights Issue, combined investments in Jio Platforms, and investment by British Petroleum. Five years ago, the EBITDA was solely driven by energy and materials business. Presently, it is comparatively diversified with exponential growth in consumer and technology business. Reliance is a zero net-debt company with strong balance sheet that will support growth plans for its three hyper-growth engines i.e. Jio, Retail and O2C. Reliance Jio: The company has entered into strategic partnership with Facebook, Google and Microsoft. Marquee global investors like Silver Lake, Vista Equity Partners, General Atlantic, KKR and TPG have also invested in the company and have shown faith in its technology and growth enterprises. Sovereign Wealth Funds and other large financial investors like ADIA, Mubadala and PIF (Saudi Arabia) have also invested in the company Google has signed a binding partnership and an investment agreement under which Google will invest INR 33,737 crores for a 7.7% stake in Jio Platforms. Global digital players like Qualcomm and Intel will work with Reliance to develop new products for India. In the next three years, Jio will connect half a billion mobile customers and 50 million home and business establishments. Jio 5G solution will be ready for trials as soon as 5G spectrum is available and can be ready for field deployment next year: Jio Platforms will have capabilities in technologies such as 4G, 5G, Cloud computing, Devices and OS, Big Data, AI, AR/VR, Blockchain, Natural Language Understanding & Computer Vision to service different sectors. JioTV+ would feature aggregated content from over 12 leading global OTT players such as Netflix, Amazon Prime, Disney+ Hotstar, Voot, SonyLiv, Zee5, JioCinema, JioSaavn, YouTube and many others Jio Glass provides mixed Reality services to conduct holographic classes/meetings in 3D virtual rooms. Jio Meet (built in 2 months) is India’s first and only cloud-based video-conferencing app and has already been downloaded by more than 5 million users. JioMeet is India’s most secure and cost-effective video conferencing platform Jio’s education platform, Embibe, will address the shortage of quality teachers in India. JioHealthHub platform to provide virtual OPD services and integrate the overall healthcare ecosystem to enable people to book online consultations, securely store and share health records, book lab tests and avail various other healthcare services JioMart is a powerful omni-channel tech-platform to unite customers, kiranas and producers and help connect a widespread physical network of Reliance Retail, thus leveraging new commerce. JioMart and WhatsApp will be working closely to create growth opportunities for millions of Indian small merchants and enable customers seamlessly transact with kirana shops Reliance Retail: Reliance Retail is India’s largest and most profitable retail business, with revenues of INR 1,62,936 crores and EBITDA of INR 9,654 crores It is the fastest growing retailer in the world, and the only Indian co in the Top 100 global retailers More than two-thirds of Reliance Retails’ nearly 12,000 stores are operated in Tier II, Tier III and Tier IV towns. Its sources over 80% of fruits and vegetable directly from farmers Connecting farmers and delivering their fresh produce directly to homes is a key part of the grocery strategy. The company has successfully piloted JioMart grocery model with kirana partners. Daily orders have crossed 2.5 lakh, and the number is growing each day Reliance Retail has received strong interest from strategic and financial investors. The company will induct a global partners and investors in Reliance Retail in the next few quarters Petrochemicals & O2C: During lockdown, RIL leveraged its deep understanding of global markets and enhanced petrochemical and fuel exports over 2.5 times in just two weeks. In Apr’20, the O2C business accounted for nearly 50% of India’s exports The company have commissioned India’s first Butyl Rubber plant, which places the company among the world’s top ten producers of Butyl Rubber. Reliance is being approached by global companies for strategic partnerships in its petchem business. RIL has concluded its JV with British Petroleum in the existing fuel retailing business. British Petroleum has invested INR 7,629 crore for their 49% stake in the JV Deal with Saudi Aramco has not progressed as per original timeline due to unforeseen situation in energy market & COVID-19 situation. The company values its two-decade relationship with Aramco and are committed to long term partnership. Company has approached NCLT with its proposal to spin off its O2C business into a separate subsidiary to facilitate multiple partnership opportunities. The company expects to complete this process by early 2021 KG-D6 could be restarted towards the end of the year to provide India with natural gas, which is one of the cleanest fossil fuels British Petroleum has invested into the company’s existing fuel retailing business under a new brand of Jio-bp. Jio-bp will provide new age mobility solutions to Indian consumers View: Out of 6 companies in FAMNGA (Facebook/Apple/Microsoft/Netflix/Google/Amazon), 3 have already partnered with Jio Platforms. Google appears to be a big contributor along with Microsoft and Facebook. We expect that Microsoft may join in as financial investors at a later date. These strategic partnership indicate a big rollout of various projects in time to come. Readiness with “Make in India” and immediate rollout of 5G services on availability of spectrum, along with exporting 5G technology appears to be key triggers. Jio platform is expected to grow at CAGR of 30% over the next decade. Jio could be INR 10 lakh crore market cap contributor in RIL in next 18-24 months. Reliance Retail is being shaped into O2O model – off-line to on-line company. Retail will have strategic and financial partners in next few decades. This is extremely promising. Retail could be INR 5 lakh crore market cap in RIL in next 18 months. In O2C business – 15-year roadmap is laid down to be free from Hydro-Carbon to Green Company, using alternate fuels. Converting Co2 into high value-added products like Protein, capsules and petrochemicals is efficient use of technology to include value added products in portfolio. This is a move in line with time to suggest that O2C will no longer be a commodity business. It continues to remain positive cash generator. Saudi Aramco deal seem to be uncertain, however commitment to bring other strategic and financial investors sounds reassuring. O2C could be INR 7.50 lakh crore market cap contributor in RIL. RIL is likely to be INR 20-22 lakh market cap company in 1.5 to 2 years. This will be 100% growth in market capitalization in about 2 years. Parvati Rai Research Head [email protected] +91-22-6696 5413 KRChoksey Shares & Securities Pvt Ltd. www.krchoksey.com Disclaimer http://bit.ly/2ixsXRi .
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