Reliance Industries Shares Decline After Q3 Profit Falls, Misses Estimates
Net profit fell 0.74% to Rs 17,265 crore in the third quarter, compared to a Bloomberg's estimate of Rs 18,080.30 crore.
Shares of Reliance Industries Ltd. declined in special trading session on Saturday after the company's net profit for the October-December quarter declined, missing analysts' expectation.
Net profit fell 0.74% to Rs 17,265 crore in the third quarter, compared to a Bloomberg's estimate of Rs 18,080.30 crore.
RIL Q3 FY24 Results Key Highlights (Consolidated YoY)
Revenue fell 2.98% to Rs 2.25 lakh crore vs Rs 2.31 lakh crore (Bloomberg estimates: Rs 2,33 lakh crore).
Ebitda down 0.77% to Rs 40,656 crore vs Rs 40,968 crore (Bloomberg estimates: Rs 40,412.86 crore).
Margin at 18.06% vs 17.66% (Bloomberg estimates: 17.30%).
Net profit fell 0.74% to Rs 17,265 crore vs Rs 17,394 crore (Bloomberg estimate 18,080.30 crore).
Shares of Reliance Industries fell as much as 1.28% before paring loss to trade 0.07% lower at 09:51 a.m., compared to a 0.13% advance in the NSE Nifty 50.
The stock has risen 41.61% in 12 months. The relative strength index was at 67.72.
Of the 35 analysts tracking the company, 30 maintain a 'buy' rating, three recommend a 'hold,' and two suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 3.9%.
