Reliance Q1 Results: Share price falls 2%; here's what top domestic and global brokerages say
Reliance Industries (RIL) have disappointed the Street as RIL's share price dipped over 2 per cent in early deals on Monday (July 24). On Friday, RIL reported its Q1FY24 scorecard which showed its consolidated revenue and profit declined during the quarter because of the weak show of O2C (oil-to-chemical) business. Reliance Industries reported a net profit of ₹16,011 crore, down 10.8 per cent, compared to ₹17,955 crore in the corresponding period last year.
The gross revenue from operations during the first quarter of the current fiscal came in at ₹231,132 crore, reporting a decline of 4.6 per cent, compared to ₹242,529 crore in the year-ago period. Its earnings before interest, taxes, depreciation, and amortization (EBITDA) during the June quarter stood at ₹38,093 crore, compared to ₹37,997 crore in the year-ago period. The company's overall growth was offset by O2C performance despite steady growth in retail and telecom arms.
Read more: Reliance Q1 Results: Net profit declines 10% to ₹16,011 crore on weaker O2C biz, revenue down 4% Most brokerage firms maintained their earlier views on the stock after RIL's Q1FY24 results. There were, however, minor tweaks in EBITDA and earnings per share (EPS) estimates but a majority of brokerage firms remain positive about the stock. Among the domestic brokerage firms, Motilal Oswal Financial Services maintained a buy call on the stock with a target price of ₹2,935.
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