RIL to consider paying dividend to investors after nearly a year

economictimes.indiatimes.com:

Reliance Industries Ltd (RIL) will consider paying a dividend to its investors, along with its financial results for the first quarter ended June on Friday. «We wish to inform you that at the Board meeting scheduled on July 21, it is proposed to recommend a dividend on equity shares of the company for the financial year ended March 2023,» the company said in a filing. The latest dividend, if approved by the Board, will be for FY23 and a first in nearly a year.

RIL had last announced a dividend of Rs 8 per share in May 2022. The oil-to-telecom conglomerate will also announce its quarterly earnings on July 21. BofA Securities is expecting a double-digit fall in consolidated net profit for the June quarter, mainly due to the subdued performance of the company's mainstay O2C segment.

The brokerage estimates a 10% YoY drop in the bottomline to Rs 16,160 crore, and a 16% fall sequentially. The consolidated revenue may decline 7% YoY and 4% sequentially to Rs 2.08 lakh crore. In the preceding March quarter, the company posted a 19% rise in its net profit at Rs 19,299 crore, while revenue for the same period grew 2% to Rs 2.16 lakh crore.

“We estimate O2C EBIT to be down 6% QoQ mainly on the back of weaker GRMs in the refinery business, offsetting benefits from cheaper Russian crude oil,” it said. Apart from the quarterly numbers, the Street is also eyeing updates on the Jio Financial demerger. The record date for the spin-off has been set as July 20, a day before the earnings announcement.