Reliance share price falls over 1% ahead of Q1 results today
Reliance Industries Ltd (RIL) share price declined over a percent on Friday ahead of the announcement of June quarter results later today. The stock price fell as much as 1.59% to a low of ₹2,578.10 apiece on the BSE.
Reliance Q1 results are expected to be weak on the back of subdued performance of the O2C (oil to chemicals) segment. However, the retail and telecom segment is likely to show healthy growth which could offset the weakness in the company’s O2C business.
Meanwhile, the billionaire Mukesh Ambani-led oil-to-telecom conglomerate also demerged its NBFC arm Reliance Jio Financial Services on Thursday.
The stock exchanges on Thursday had conducted a special pre-opening session for the discovery of RIL share price and that of its financial arm JFSL. RIL share price was discovered at ₹2,580 per share, while that of JFSL was ₹261.85 apiece.
Read here: Reliance Q1 results: O2C segment may be weak; telecom, retail to lend support
In Q1FY24, RIL is likely to report weaker numbers for its oil and chemicals segment which could drag the consolidated revenue and profit figures.
Brokerage firm Motilal Oswal Financial Services expects a decline in RIL’s Q1FY24 revenue and adjusted profit after tax (PAT) on a year-on-year (YoY) basis.
As per the estimates, RIL may report net sales of ₹2,03,400 crore, lower by 7.2% YoY while the company’s adjusted PAT may come at ₹16,800 crore, down 6.5%, YoY.
Motilal expects RIL’s consolidated EBITDA for the June quarter at ₹38,600 crore, up 2% YoY but flat QoQ.
Read RIL Q1 Results Live Updates here
Reliance Jio’s revenue in Q1FY24 is expected to rise 3% QoQ to ₹24,070 crore, while its EBITDA may increase 3% QoQ to ₹12,500 crore, according to Avishek Datta – Research Analyst, Prabhudas Lilladher Pvt Ltd.
He also factored in ARPU of ₹182, up 1.5% QoQ, and subscriber addition of 6 million in Q1FY24.
At 9:45 am, the shares of Reliance Industries were trading 1.22% lower at ₹2,587.90 apiece on the BSE.
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Updated: 21 Jul 2023, 09:48 AM IST
