Reliance Industries announces holiday for all its offices on January 22
11 per cent in consolidated net profit at ₹19,641 crore, compared to ₹17,706 crore in the year-ago period. The gross revenue in the third quarter of current fiscal rose 3.2 per cent year-on-year (YoY) to ₹2,48,160 crore led by continued growth momentum in consumer businesses. The gross revenue was largely led by retail, oil & gas segments, while the oil-to-chemicals (O2C) arm's revenue declined on on account of lower price realisation led by 5.3 per cent YoY decline in average brent crude oil prices.
Also Read: Reliance Q3 Results: Jio, Retail shine; O2C revenue declines; 5 key highlights from RIL Q3 earnings On the operations front, the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) in the December quarter rose 17 per cent to ₹44,678 crore, driven by retail and oil & gas segments. Commenting on Reliance's Q3 scorecard, Santosh Meena, Head of Research, Swastika Investmart Ltd said, ‘’Reliance has broken out of a multi-month consolidation pattern with a bullish flag formation near its 20-day moving average (DMA). This technical setup suggests the potential for further upside towards the 2,900 level.'' ‘’However, option data hints at some resistance near the 2,800 strike price, as call writers seem confident at that level.
Therefore, a decisive break above 2,800 would be needed to overwhelm these call writers and fuel further gains. On the downside, the 20-DMA at 2,650 acts as a strong support level,'' added Meena. Shares of Reliance Industries settled flat-to-positive ahead of earnings announcement.
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