In the backdrop of heightened anticipation, Reliance Industries Limited (RIL) closed the week at Rs 2,741.45 per share on January 12, marking a slight uptick of 0.80 percent. The stock movement comes as investors eagerly await the financial results for the quarter ended December 31, 2023, scheduled to be announced on January 19.
RIL, led by billionaire Mukesh Ambani, reported a consolidated net profit of Rs 19,878 crore in the second quarter of the financial year 2023-24. This reflected a robust growth of 29.7 percent from the previous year, attributed to the strong performance of its retail, Jio, and upstream businesses.
Despite a dip in revenue from its oil-to-chemicals segment, RIL’s overall earnings before interest, taxes, depreciation, and amortization (EBITDA) witnessed a 30.2 percent increase to reach Rs 44,867 crore in Q2FY24. The O2C business faced a 7.3 percent decline in revenue due to lower price realizations for products caused by a drop in crude oil prices.
The anticipation surrounding the upcoming financial report is palpable as market participants look for insights into RIL’s performance across its diverse business segments. As the date approaches, investors are keen to assess the impact of various market dynamics on the conglomerate’s financial health and strategic direction.
