Reliance Industries skids ~3.5% as Q1FY23 numbers miss expectations

25 Jul 2022 , 03:19 PM

Reliance Industries Limited reported a 46.29% yoy growth in consolidated net profit for the June 2022 quarter, at Rs17,955 crore, as compared to Rs12,273 crore in the same quarter last year.

However, the analysts have anticipated the profit figure at Rs24,311 crore.

Revenue registered an increase of 54.54% to Rs2,23,113 crore for the quarter under review, up from Rs1,44,372 crore in the same quarter last year as against a predicted sales figure of Rs2,44,244 crore.

“Geopolitical conflict has caused significant dislocation in energy markets and impacted traditional trade flows,” commented Mukesh Ambani, Chairman and Managing Director of Reliance Industries.

He added. “This, combined with increased demand, has resulted in stringent fuel markets and higher product margins. Despite significant challenges from tight crude markets and higher energy and freight costs, the O2C business has delivered its best performance to date.”

Reliance’s Jio Platforms (JPL) reported a 24% yoy growth in net profit to Rs4,530 crore on gross revenue of Rs27,527 crore, owing to the residual impact of tariff increases in its telecom business and acceleration in home broadband connections.

At around 3.21 PM, Reliance Industries was trading at Rs2,417 down by Rs85.9 or 3.43% from its previous closing of Rs2,502.90 on the BSE. The scrip touched intraday high and low of Rs2,469 and Rs2,403.95 respectively.