Comments
Shares of Reliance Industries Ltd, India's most valuable company by market valuation, on Monday declined over 3 per cent after the company reported a 5 per cent drop in its June quarter net profit.
The blue-chip stock dropped 3.38 per cent to ₹3,004.25 on the BSE.
At the NSE, it declined 3.44 per cent to ₹3,003.25.
Reliance Industries Ltd on Friday reported a 5 per cent drop in its June quarter net profit as lower fuel cracks and petrochemical margins outdid gains in telecom and retail businesses.
The oil-to-retail-to-telecom conglomerate's consolidated net profit was at ₹15,138 crore, or ₹22.37 per share, in the April-June period — the first quarter of the current 2023-24 fiscal year — compared to ₹16,011 crore, or ₹23.66 a share, earnings a year back, according to a company's statement.
The net profit was also 20 per cent lower quarter-on-quarter when compared to the record ₹18,951 crore earnings in the preceding three months ended March 31.
Revenue from operations was up 11.5 per cent to ₹2.57 lakh crore from ₹2.31 lakh crore in the year-ago period but was lower than ₹2.64 lakh crore in January-March 2024.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.