Reliance Industries Hits Record Market Cap of ₹19 Lakh Crore as Shares Soar

29 Jan 2024 , 12:47 PM

Reliance Industries’ share price achieved a record high, crossing ₹19 Lakh crore in market capitalization. The shares surged by 4.19% to reach ₹2,824.00 apiece on the BSE.

Over the past month, Reliance shares have gained nearly 9%, and in three months, the stock has surged over 24%, with three-year returns exceeding 53%.

On January 19, Reliance Industries reported an 11% YoY rise in net profit at ₹19,641 Crore for the third quarter of FY24. The gross revenue in Q3FY24 increased 3.2% YoY to ₹2,48,160 Crore, primarily driven by continued growth in consumer businesses.

The revenue was particularly influenced by the retail and oil & gas segments, while the oil-to-chemicals (O2C) arm’s revenue declined due to lower price realization.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the December quarter rose 17% to ₹44,678 Crore, driven by the retail and oil & gas segments.

RIL’s EBITDA for Digital Services increased by 11% YoY, with average revenue per user (ARPU) growing 2% YoY to ₹181.7, accompanied by a 9% YoY rise in the customer base to 471 million.

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