Reliance Industries to declare first quarter results on July 21

economictimes.indiatimes.com:

Reliance Industries Ltd has said its board will meet on July 21 to consider and approve the financial results for the quarter ended June. Besides earnings, Dalal Street investors will be closely tracking any fresh announcements around Jio Financial Services. This is because RIL has fixed July 20 as the record date for the demerger of Reliance Strategic Investments, which will be renamed Jio Financial Services.

Ever since this announcement, shares of the oil-to-telecom major have clocked sharp gains and scaled a fresh 52-week high of Rs 2,802. On Friday, the stock ended marginally down 0.1% at Rs 2,740.70. Post the demerger of the financial services business, RIL plans to list Jio Financial Services on the exchanges.

However, the company has not yet provided the date for the listing of shares. The market will look for this along with the earnings announcement. In terms of earnings, BofA Securities expects RIL to report a double-digit fall in consolidated net profit for the June quarter, both on a year-on-year (YoY) and a sequential basis, primarily due to subdued performance of the oil-to-chemicals (O2C) segment.

It has estimated a 10% YoY drop in the bottomline to Rs 16,160 crore, and a 16% fall from the March quarter. The consolidated revenue is seen declining 7% YoY and 4% sequentially to Rs 2.08 lakh crore. As far as the telecom and retail businesses are concerned, they will continue to support the overall earnings growth for RIL.