Reliance Industries beats estimates as Q1 net profit rises to ₹13,248 cr

Reliance Industries has been the biggest gainer among Nifty stocks, rising 145 percent from its March 23 low,…

Reliance Industries has been the biggest gainer among Nifty stocks, rising 145 percent from its March 23 low, and gaining 41 percent year-to-date.

Reliance Industries, country’s largest listed company by market capitalisation, today reported a consolidated profit of ₹13,248 crore during April-June quarter of 2021, due to an exceptional income of ₹4,966 crore.

Revenue from quarter operations came in at ₹88,253 crore.

According to a Bloomberg survey of 10 brokers, net profit is expected to come in at ₹7,119 crore against ₹10,104 crore in the same quarter last year. Net sales is estimated at to come in at ₹1 trillion, according to a poll by 11 analysts.

Analysts had expected RIL’s GRM for the quarter to come in between $5 per barrel and $9 per barrel.

During the quarter Benchmark Singapore GRMs were muted (–$ 0.9/bbl) owing to a massive hit on oil demand. GRMs however, are expected to recover by second half of this fiscal as staggered easing of lockdowns across the country should revive transportation fuel demand.

Ahead of the earnings, RIL’s scrip was trading flat at ₹2,108.65 on the BSE. During the June quarter the stock rallied 54% and has gained 39% in 2020 so far.

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