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RJIL’s operating income to reach $5 billion by 2024-25, says Goldman Sachs

November 22, 2017

According to Goldman Sachs, Reliance Jio Infocomm Limited (RJIL) is on course to generate an operating income of more than $5 billion by 2024-25. It further stated that the telecom company will serve as the future, long-term growth engine for Reliance Industries Limited (RIL). RIL has invested over $30 billion in the telecom business over the last five years.

Further, Goldman Sachs has assigned an enterprise value (EV) of $43 billion and an equity value of $22 billion to RJIL.

The US brokerage firm expects RJIL to achieve modest earnings before interest, tax, depreciation & amortisation (EBITDA) breakeven in 2017-18 and generate $3 billion of operating income by 2019-20. Further, it estimates RJIL to command a 20 per cent revenue market share (RMS) by 2020-21 and remain steady thereafter.

Goldman Sachs has also pointed that its expectations are materially below the RIL management’s guidance, which had earlier estimated a 50 per cent increase in telecom industry revenue by 2020-21, translating into 50 per cent RMS for RJIL.


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