Reliance Industries to announce Q2 results on October 27
Reliance Industries (RIL) will meet on October 27 to consider and approve financial results for the quarter ended September 2023.
«A meeting of the Board of Directors of the company is scheduled to be held on Friday, October 27, 2023, inter alia, to consider and approve the standalone and consolidated unaudited financial results of the company for the quarter and half year ended September 30, 2023,» the company said in a filing.
Analysts expect the company's operating performance to improve amid improving refining margins. While Jio is likely to show steady performance, retail segment profitability would be resilient.
«We expect consolidated EBITDA to improve by 6% quarter-on-quarter (QoQ) on better standalone performance and steady growth in digital services and organized retail,» said Kotak Institutional Equities.
The stock has been underperforming the benchmark index so far this year as it declined nearly 11% on a year-to-date basis.
In the same period, benchmark Nifty jumped 8%.
In the first quarter, the oil-to-telecom conglomerate reported an 11% drop in the consolidated net profit for the quarter ended June 2023 to Rs 16,011 crore. Consolidated revenue declined 5.3% YoY to Rs 2.11 lakh crore.
Most analysts are bullish on the stock, despite negative performance in the year.
Nomura, for instance, has a 'Buy' rating with a target price of Rs 2,925.
«O2C will likely benefit from strong global oil demand growth of over 2.2mn b/d over 2HCY23, CDU additions lagging demand growth by ~0.5 mn b/d, and global inventory levels remaining well below 5-year average levels across major hubs. The robust growth of retail underpinned by store additions and operating leverage, and potential upsides for Jio, if FY25 tariff hikes
