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Reliance Industries’ stock rose about 1% in early trading on Monday after the firm announced a 15% drop in net earnings for the third quarter.
In early trade on the BSE, the shares of the country’s most valuable company rose 0.90 percent to ₹2,464.80. On the NSE, it rose 0.95 percent to ₹2,465.75.
Reliance Industries, owned by billionaire Mukesh Ambani, announced a 15% decline in net profit to ₹15,792 crore for the December 2022 quarter, as increased financing expenses, the new windfall profit tax, and depreciation offset solid operating performance.
The oil-to-retail-to-telecom conglomerate’s consolidated net profit of ₹15,792 crore, or ₹23.34 per share, in October-December compares to earnings of ₹18,549 crore, or ₹28.08 per share, in the same period last year, according to a regulatory filing.
However, its operating revenue increased to ₹2,20,592 crore from ₹1,91,271 crore in October-December 2021.
