RIL's earnings parity expected by FY22 in consumer, core business

This contributed a little less than 60% of Ebitda; analysts have also been changing their earnings estimates positively for the consumer business

Most of the earnings growth for Reliance Industries (RIL) in the quarter ended December 2019 was from its consumer businesses — retail and digital. 

The major chunk still comes from its core business. This contributed a little less than 60 per cent of earnings before interest, taxation, depreciation and amortisation (Ebitda). This, nonetheless, could change rapidly. Some expect the core business share to fall to 50 per cent by the end of 2021-22. The contribution from core businesses — oil, petrochemicals, refining — was 71 per cent only a year before.

Chairman and Managing Director Mukesh Ambani’s speech to shareholders