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While rivals lost users, India’s largest broker leaned on lending and derivatives to deliver strong growth.

Surprisingly strong metrics alongside aggressive expansion mask a lurking balance-sheet risk. Moreover, competition is not going to be kind to the retail giant any time soon.
Slowing growth, weakening store metrics and a puzzling fundraise point to the retailer losing some of its post-Zudio sheen.
Telecom and retail both continue with their ‘hit and miss’, while O2C delivers an unsurprisingly poor performance in Q4. This is a year RIL will be glad to see the back of.