Reliance Industries (RIL) shares began trading ex-dividend on Thursday, one day before the company’s record date for identifying shareholders who are entitled to the dividend benefit for FY22. For the fiscal year that ends on March 31, 2022, the board of directors of the firm has recommended a dividend of Rs 8.00 per equity share of Rs 10.
RIL set August 19 as the record deadline for identifying the members eligible to receive a dividend for the financial year FY22 earlier this month at its June 2022 quarterly result releases. If a dividend is announced at the AGM, it will be paid within a week after the meeting’s conclusion (AGM). On August 29, 2022, the corporation will conduct its 45th Annual General Meeting.
“The Board of Directors has recommended dividend of ₹8/- per fully paid up equity share of ₹10/- each for the financial year ended March 31, 2022. This payment of dividend is subject to approval of members of the Company at ensuing Annual General Meeting of the Company,” RIL had informed in an exchange filing in May.
In Q1 FY23, RIL reported a consolidated net profit of 17,955 crore, up 46.3% from the same quarter last year. This increase was driven by strong refining margins brought on by the consumption of less expensive Russian crude, and fuel exports supported its monopolistic oil-to-chemicals sector. Over 54% more money was made from operations overall, or Rs 223,113 crore.
Reliance Jio’s telecom division reported strong ARPU-led EBITDA growth, up 27% from the prior quarter and 4% sequentially, while Reliance Retail’s EBITDA increased 98% year over year (YoY) as a result of the operations’ recovery.
Reliance Industries, which has holdings in petrochemicals, oil and gas, telecom, and retail, is chaired and managed by Mukesh Ambani. Although oil-refining and petrochemicals account for about 60% of Reliance’s earnings, the conglomerate has been lowering this reliance by diversifying into retail, telecommunications, and technology. In order to play a leading role in the global transition to clean energy, Ambani is refocusing the conglomerate on green energy and will increase investments in the green energy project that it just unveiled.