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Reliance Industries Shares Fall Nearly 3% After Earnings Report

Reliance Industries, which is led by billionaire Mukesh Ambani, on Thursday reported a record net profit of Rs. 10,362 crore for January-March

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Reliance Industries Shares Fall Nearly 3% After Earnings Report

On the NSE, shares in RIL touched an intraday low of Rs. 1,345.05


Reliance Industries (RIL) share price fell as much as 2.95 per cent on Monday, after the oil-to-telecom conglomerate's Gross Refining Margin (GRM), a measure of how much the company earns by refining a barrel of crude oil, declined 7 per cent sequentially to $8.2 per barrel from $8.8 per barrel. On Y-o-Y basis its GRMs declined 25.45 per cent from $11 per barrel, Reliance Industries said in its released on Thursday. On the NSE, shares in RIL touched an intraday low of Rs. 1,345.05.

Reliance Industries, led by billionaire Mukesh Ambani, on Thursday reported a record net profit of Rs. 10,362 crore for January-March, 2019, beating expectations of analysts helped by strong growth in its retail and telecom business.

RIL's profit rose 9.79 per cent from Rs. 9,438 crore registered in the corresponding period a year ago. Analysts polled on an average expected the Mumbai-based company to post a profit of Rs. 9,920 crore, news agency Reuters reported citing Refinitiv data.

Its revenue from operations after deducting Goods and Services Tax (GST) rose 17.88 per cent to Rs. 1.42 lakh crore in January-March quarter compared with Rs. 1.20 lakh crore in the same period last year.

Reliance Jio Infocomm, the telecom arm of Reliance Industries, reported net profit of Rs. 840 crore in March quarter, up 65 per cent year-on-year (Y-o-Y) from Rs. 510 crore. Its operating revenue came in at Rs. 11,106 crore, Reliance Industries said.

Jio's average revenue per user (ARPU), a key matrix for telecom companies, came in at Rs. 126.2 per subscriber per month.

As of 2:45 pm, Reliance Industries shares traded 2.3 per cent lower at Rs 1,351.15 underperforming the Sensex which was down 1.12 per cent.

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