RIL shares decline 2 pc post earnings

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Published: July 31, 2020 6:34 PM

In traded volume terms on Friday, 12.83 lakh shares were traded on the BSE and over 3 crore on the NSE during the day.

Reliance Industries was the top loser on the Sensex chart.Reliance Industries was the top loser on the Sensex chart.

Shares of Reliance Industries Ltd (RIL) on Friday declined 2 per cent on profit-booking after the company announced a record net profit for the June quarter.

The stock dipped 1.98 per cent to close at Rs 2,066.95 on the BSE. During the day, it declined 2.62 per cent to Rs 2,053.30.

Reliance Industries was the top loser on the Sensex chart.

On the NSE, it settled 1.84 per cent lower at Rs 2,070.

The stock was recently in demand as it had gained in eight consecutive trading days from July 17-28, rising 18.14 per cent.

In traded volume terms on Friday, 12.83 lakh shares were traded on the BSE and over 3 crore on the NSE during the day.

Reliance Industries Ltd (RIL) on Thursday reported record net profit of Rs 13,248 crore in June quarter after one-time gain from stake sale as well as bumper telecom revenues cushioned COVID-19-hit earnings from refining, petchem and retail segments.

The net profit in April-June was 30.6 per cent higher than it was in the same period a year back, and bettered the company’s previous best of Rs 11,640 crore earning in October-December 2019, the company said in a statement.

The oil-to-telecom conglomerate said it had a one-time gain of Rs 4,966 crore from sale of 49 per cent stake in fuel retailing venture to BP plc.

This together with 183 per cent jump in Reliance Jio’s standalone net profit to Rs 2,520 crore covered up drop in earnings from mainstay segments.

EBITDA (earnings before interest, taxes, depreciation, and amortisation) declined by 11.8 per cent to Rs 21,585 crore “due to lower contribution from oil-to-chemical (O2C) business, which was impacted by significant demand destruction and margin pressure across transportation fuels and polyester chain”.

Also, lower realisation in the export market impacted profitability.

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