Edelweiss Securities has reiterated 'Buy' on Reliance Industries (RIL) with target price of Rs 1,064 in its report as against current market price (CMP) of Rs 959 in its report.

Commenting on the investment rationale, the stock broker said, "Reliance Industries' (RIL) Q4FY14 PAT of Rs 56.3 billion (up 2.2% QoQ) was lower than estimated Rs 56.7 billion due to lower other income which offset higher operating income from refining and petchem segments. KG-D6 gas production at 14 mmscmd increased QoQ, while Tapti gas production continued its natural decline.

Management remains positive on gas price implementation though they are unclear on the timelines (impending elections). Shale gas EBITDA at USD199 million was higher 14% QoQ. Petchem margins have been impacted due to lower PX and MEG margins, partially offset by higher cracker margins. PFY capacity added in Q3FY14 has started yielding higher production. We continue to remain positive on RIL due to EBITDA CAGR of 20%+ over FY15-17E driven by capex."

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