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MACQUARIE ON RIL: Rs 2100 | DOWNGRADE

Posted by Able on July 20, 2023

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Rating: UNDERPERFORM

Target price unchanged as we didn't ascribe value accretion from JFS

Expect underperformance now as key tactical catalyst of demerger now done

FY24-25e net profits are 15%-20% below consensus

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MACQUARIE ON RIL: Rs 2100 | DOWNGRADE

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