“We wish to inform you that a meeting of the board of directors of the company is scheduled to be held on Friday, April 21, 2023, inter alia, to consider and approve the standalone and consolidated audited financial results of the company for the quarter/year ended March 31, 2023,” Reliance Industries said in a BSE filing.
In Thursday’s trade, RIL stock ended 0.4% higher at Rs 2,355.6 on the BSE. However, on a year-to-date basis, the stock has declined over 8%, while it has surged over 5% in the last one month.
In Q3 FY23, Reliance Industries reported a 15% year-on-year (YoY) fall in consolidated net profit to Rs 15,792 crore. Its revenue increased 15.3% on year to Rs 2.20 lakh crore. Its consolidated operating profit, calculated as earnings before interest, taxes, depreciation and amortization (EBITDA), rose 13.5% on year to Rs 38,460 crore.
Meanwhile, consolidated revenue of the mainstay oil-to-chemicals (O2C) business rose 10% on-year to Rs 1.44 lakh crore. This business made up for more than 65% of RIL’s consolidated topline in the quarter.
Reliance Retail Ventures reported 6.2% YoY growth in consolidated net profit to Rs 2,400 crore. Revenue increased 17% on year to Rs 67,623 crore.
This was a record quarterly revenue reported by the retail major. Operating profit rose 25% on year to Rs 4,773 crore, and was also the highest-ever for the company. The consolidated net profit of Jio Platforms rose 28.6% YoY to Rs 4,881 crore, and revenue increased by 21% to Rs 24,892 crore.As per Trendlyne data, the average target price of RIL is Rs 2,852 per share, which shows an upside of 21% from the current market prices.
The consensus recommendation from 34 analysts for Reliance Industries is ‘buy’. Out of the 33 analysts covering the stock, 29 have strong buy and buy ratings, while only two have strong sell and sell ratings and the remaining three have hold ratings.
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