Reliance Industries Shares Dip 3% as Q1 FY24 Results Disappoint Investors

24 Jul 2023 , 02:42 PM

Shares of Reliance Industries fell nearly 3 % to a low of Rs 2,469.55 on the BSE due to profit booking by investors following disappointing Q1 FY24 results.

The company reported a 10.8 % YoY decline in consolidated net profit, amounting to Rs 16,011 crore, primarily attributed to weak profitability in the oil-to-chemicals business. As per market data, Over the last two trading days, the stock slipped over 5 %, after touching an all-time high of Rs 2,635.17 on 19th July.

Revenue from operations for the April-June quarter was down 5.2 % YoY at Rs 2.07 trillion, mainly due to a 31 % decrease in crude oil prices affecting O2C revenues. EBITDA for the quarter showed resilience, growing by 5.1 % to reach Rs 41,982 crore.

The company’s net profit dropped by 11 % YoY, at Rs 16,011 crore, with weak oil-to-chemical verticals and higher interest and depreciation costs as contributing factors.

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