Shares of Reliance Industries Ltd. fell on Monday after its first-quarter profit missed analysts' estimates.
The company's net profit fell 17% year-on-year to Rs 16,011 crore in the quarter ended June, according to an exchange filing. That was lower than the Bloomberg estimate of Rs 16,995.49 crore.
Reliance Industries Q1 FY2024 (QoQ):
Revenue down 2.56% at Rs 2,10,831 crore. (Bloomberg Estimate: 2,13,669 crore)
Ebitda down 0.9% at Rs 38,093 crore. (Bloomberg Estimate: Rs 38,046 crore)
Ebitda Margin at 18.06% vs. 17.7% (QoQ)
Net Profit down 17% at Rs 16,011 crore. (Bloomberg Estimate: Rs 16,995.49 crore)
Reliance Retail Q1 FY24 (Consolidated figures, YoY):
Gross Revenue: up 19.5% at Rs 69,948 crore.
Net profit up 18.8% at Rs 2,448 crore.
Ebitda up 33.9% at Rs 5,139 crore.
Margins at 7.9% vs. 7.6%
Reliance Jio: Q1 FY24 (Standalone, QoQ)
Revenue: Rs 24,042 crore vs. Rs 23,394 crore
Net Profit: Rs 4,863 crore vs. Rs 4,716 crore
Ebitda: Rs 12,578 crore vs. Rs 12,210 crore
Margin: 52.31% vs. 52.19%
Shares of Reliance Industries fell 2.20% to Rs 2,483 apiece as of 9:22 a.m., as compared to a 0.09% decline in the NSE Nifty 50. The scrip declined as much as 2.74% intraday after having fallen as much as 33.67% intraday on Friday.
However, on a year-to-date basis, the stock has risen nearly 6.7%. The relative strength index was at 54.5.
Out of the 40 analysts tracking the company, 33 maintain a 'buy' rating, four recommend a 'hold' and three suggest a 'sell' on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 10.9%.
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