When he spoke at the India Mobile Congress<\/a> in New Delhi on October 25, Reliance Industries<\/a> Chairman Mukesh Ambani<\/a> sounded more like a tech evangelist envisioning an India in 2020 where everyone has 4G<\/a> phones in their hands and the industry<\/a> was ready for the next generation of telecom<\/a> technologies. 当他在说话印度国会移动在新德里10月25日,信实工业公司主席穆凯什•安巴尼听起来更像是科技传道者预想一个印度在2020年,每个人都有4 g在他们的手和手机行业下一代是准备好了吗电信技术。
He spoke about a “new world”, a “new India” and “new commerce”. He might as well have mentioned a new Reliance, too. For it is highly likely that by 2020, Reliance, India’s largest private company by market cap, may have to be classified principally as a tech and consumer play, and not a refiner or a petrochem producer.
A week earlier on October 18, Reliance’s financial results for the July-September quarter was announced (54.5% jump in revenues and 17.4% jump in profits over the corresponding quarter of 2017); and if one takes a close look at the segment revenues, it appears that a significant shift is underway at Reliance.
For the first time, newer businesses like organised retail, digital services and media have brought in more combined revenues (Rs 44,615 cr) than the highly profitable petrochem business (Rs 43,745 cr). At Reliance Industries<\/a>, the refining and marketing business, which produces and sells petrol, diesel, LPG, kerosene, naphtha and similar products by refining crude oil, brings in the largest chunk of revenue — Rs 98,760cr, around half of the turnover. A big chunk of these products are exported.
Petrochemicals (polyesters, polymers, synthetic fibres and other products) used to be the next big block, and even now rakes in the most in profits. The new businesses such as organised retail, telecom<\/a> and media are consumerfacing service businesses that are very different from the traditional RIL<\/a> — primarily a business-to-business industrial conglomerate. The group entered these new businesses in the last decade.
“This is definitely a significant development. To a great extent all these happened under the radar. People still focus on the refining and petrochem business of Reliance. Only recently have they started talking about Jio. Retail even today continues to remain out of focus for the analyst community,” says Sudip Bandyopadhyay, markets commentator and chairman of Inditrade Capital.
Along with the quarterly results, the company had also announced the acquisition of cable and internet companies DEN and Hathway, as well as its investment in US-based personal transportation company SkyTran.
Ambani clearly wants to bet on mass consumer plays and new technologies over the next decade.
Bandyopadhyay says within three years, the way Reliance Industries is valued will change as the newer businesses, especially organised retail, telecom and digital offerings, grow fast and notch up higher revenues. In fact in its current configuration, RIL presents a problem for analysts.
Not just Reliance, other diversified companies such as ITC Ltd or Piramal Enterprises also often have this problem of being assessed on the basis of the existing businesses.
“Reliance should be valued by a team of analysts with experience in different sectors, led by a senior analyst who would take a view on the stock,” says Vinod Sharma, head of capital markets strategy and the private clients group at HDFC Securities. Most brokerage analysts maintain a hold or buy recommendation on the RIL stock.
Much of Reliance’s investments in the new areas have been fuelled by debt, and the increasing debt on its books has sparked some concern. Outstanding debt on September 30, 2018, stood at Rs 2,58,701 crore.
JP Morgan India said in a report dated October 18 that while the company had recorded strong growth, the markets would still focus on high capital expenditure (Rs 39,000 crore for the quarter), high debt (Rs 42,500 crore additional borrowing since March 2018) and the delay in commissioning of the pet-coke gasifier.
ICICI Securities said in a report dated October 19 that the concerns for the company outweigh the positives right now. The retail and telecom plays were among the positives and worries mostly were around the older businesses, linked to their price cycles, and high debt and investments.
The debt and investments have pushed huge growth in the new businesses. Organised retail business with revenues of Rs 32,436 crore for the July-September quarter is the largest in India. It has shown a 121.5% growth over the corresponding quarter last year, and 25.3% over the immediately preceding quarter.
Similarly, the digital services business, that would include the Reliance Jio telecom and digital financial and content offerings, have grown at more than 50% over the yearago period.
Sharma of HDFC Securities says the rerating of the company, as a tech and consumer play, though on the cards, will be a gradual process that will happen over the next few years. He adds that a lot will depend on how soon the company tones down its investment spree. He says investments at a rate around half of the current amount would help the process.
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他谈到了一个“新的世界”,一个“新印度”和“新商业”。他可能也提到了一个新的依赖,。很可能到2020年,信实,印度市值最大的私人公司,可能要分类主要是作为一个科技和消费者,而不是炼油企业或企业生产商。
第一次有组织的零售等新业务、数字服务和媒体带来了更多的收入相结合(Rs 44615 cr)比高利润的企业业务(Rs 43745 cr)。在信实工业公司炼油和营销业务,生产和销售汽油、柴油、液化石油气、煤油、石脑油和类似产品精炼原油,带来了最大的一块收入- Rs 98760 cr,大约一半的营业额。大量的这些产品都是出口。
石化(聚酯树脂、聚合物、合成纤维和其他产品)曾经是下一个大的块,甚至现在耙子的大部分利润。有组织的零售、等新业务电信和媒体consumerfacing服务企业从传统截然不同瑞来斯——主要是b2b工业集团。该集团进入这些新企业在过去的十年。
“这绝对是一个重大的进步。在很大程度上所有这些发生在雷达下。人们仍然集中在炼油和石化企业业务的依赖。直到最近,他们开始谈论Jio。零售即使在今天继续保持分析师社区关注的焦点,“市场评论员和主席说Sudip Bandyopadhyay Inditrade资本。
随着季度业绩,该公司还宣布收购有线电视和互联网公司窝Hathway,以及其投资在美国的个人运输公司SkyTran。
安巴尼显然想赌大众消费戏剧和新技术在未来十年。
Bandyopadhyay说在三年之内,信实工业价值的方式将会改变为新的企业,特别是有组织的零售、电信和数字产品,快速增长和等级更高的收入。事实上在当前配置中,分析师瑞来斯提出了一个问题。
不仅仅是依赖,ITC有限公司等多元化的公司或Piramal企业也经常有这个问题的评估现有业务的基础上。
“依赖应该重视团队的分析师与不同领域的经验,由资深分析师将对股票的看法,“Vinod Sharma说,资本市场策略和HDFC的私人客户集团证券。多数券商分析师保持在瑞来斯证券持有或购买建议。
依赖的投资新领域一直由债务引起的,和增加债务在其书引起了一些担忧。未偿债务在2018年9月30日,站在Rs 58701卢比。
摩根大通印度10月18日的一份报告中称,尽管公司记录的强劲增长,市场仍将专注于高资本支出(季度39000卢比),高负债(2018年3月以来42500卢比额外借贷)和延迟pet-coke气化炉的调试。
印度工业信贷投资银行证券10月19日的一份报告中说,公司的担忧现在大于阳性。零售和电信扮演积极和担忧的是主要是在老企业,与他们的价格周期,高负债和投资。
债务和投资推动新业务大幅增长。有组织的零售业务收入32436卢比的7 - 9月一季在印度是最大的。这表明去年在相应的季度增长121.5%,和25.3%立即前一季度。
同样,数字服务业务,包括依赖Jio电信和数字金融和内容,增长超过50%台智能机。
Sharma HDFC的证券公司的重新评估说,作为一个技术和消费者玩,虽然可能,将是一个渐进的过程,在未来几年内发生。他补充说,很多公司很快将取决于音调投资热潮。他说投资速度大约一半的当前数量将有助于这一过程。
When he spoke at the India Mobile Congress<\/a> in New Delhi on October 25, Reliance Industries<\/a> Chairman Mukesh Ambani<\/a> sounded more like a tech evangelist envisioning an India in 2020 where everyone has 4G<\/a> phones in their hands and the industry<\/a> was ready for the next generation of telecom<\/a> technologies.
He spoke about a “new world”, a “new India” and “new commerce”. He might as well have mentioned a new Reliance, too. For it is highly likely that by 2020, Reliance, India’s largest private company by market cap, may have to be classified principally as a tech and consumer play, and not a refiner or a petrochem producer.
A week earlier on October 18, Reliance’s financial results for the July-September quarter was announced (54.5% jump in revenues and 17.4% jump in profits over the corresponding quarter of 2017); and if one takes a close look at the segment revenues, it appears that a significant shift is underway at Reliance.
For the first time, newer businesses like organised retail, digital services and media have brought in more combined revenues (Rs 44,615 cr) than the highly profitable petrochem business (Rs 43,745 cr). At Reliance Industries<\/a>, the refining and marketing business, which produces and sells petrol, diesel, LPG, kerosene, naphtha and similar products by refining crude oil, brings in the largest chunk of revenue — Rs 98,760cr, around half of the turnover. A big chunk of these products are exported.
Petrochemicals (polyesters, polymers, synthetic fibres and other products) used to be the next big block, and even now rakes in the most in profits. The new businesses such as organised retail, telecom<\/a> and media are consumerfacing service businesses that are very different from the traditional RIL<\/a> — primarily a business-to-business industrial conglomerate. The group entered these new businesses in the last decade.
“This is definitely a significant development. To a great extent all these happened under the radar. People still focus on the refining and petrochem business of Reliance. Only recently have they started talking about Jio. Retail even today continues to remain out of focus for the analyst community,” says Sudip Bandyopadhyay, markets commentator and chairman of Inditrade Capital.
Along with the quarterly results, the company had also announced the acquisition of cable and internet companies DEN and Hathway, as well as its investment in US-based personal transportation company SkyTran.
Ambani clearly wants to bet on mass consumer plays and new technologies over the next decade.
Bandyopadhyay says within three years, the way Reliance Industries is valued will change as the newer businesses, especially organised retail, telecom and digital offerings, grow fast and notch up higher revenues. In fact in its current configuration, RIL presents a problem for analysts.
Not just Reliance, other diversified companies such as ITC Ltd or Piramal Enterprises also often have this problem of being assessed on the basis of the existing businesses.
“Reliance should be valued by a team of analysts with experience in different sectors, led by a senior analyst who would take a view on the stock,” says Vinod Sharma, head of capital markets strategy and the private clients group at HDFC Securities. Most brokerage analysts maintain a hold or buy recommendation on the RIL stock.
Much of Reliance’s investments in the new areas have been fuelled by debt, and the increasing debt on its books has sparked some concern. Outstanding debt on September 30, 2018, stood at Rs 2,58,701 crore.
JP Morgan India said in a report dated October 18 that while the company had recorded strong growth, the markets would still focus on high capital expenditure (Rs 39,000 crore for the quarter), high debt (Rs 42,500 crore additional borrowing since March 2018) and the delay in commissioning of the pet-coke gasifier.
ICICI Securities said in a report dated October 19 that the concerns for the company outweigh the positives right now. The retail and telecom plays were among the positives and worries mostly were around the older businesses, linked to their price cycles, and high debt and investments.
The debt and investments have pushed huge growth in the new businesses. Organised retail business with revenues of Rs 32,436 crore for the July-September quarter is the largest in India. It has shown a 121.5% growth over the corresponding quarter last year, and 25.3% over the immediately preceding quarter.
Similarly, the digital services business, that would include the Reliance Jio telecom and digital financial and content offerings, have grown at more than 50% over the yearago period.
Sharma of HDFC Securities says the rerating of the company, as a tech and consumer play, though on the cards, will be a gradual process that will happen over the next few years. He adds that a lot will depend on how soon the company tones down its investment spree. He says investments at a rate around half of the current amount would help the process.
\n \n \n
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