Reliance Industries gains 1% post March quarter results
Shares of Reliance Industries (RIL) gained 1 per cent to Rs 2,382.90 on the BSE in Monday’s intra-day trade after the Mukesh Ambani-owned company reported higher-than-expected consolidated net profit at Rs 19,299 crore during the January-March 2023 quarter (Q4FY23), up 19 per cent year-on-year (YoY) despite muted growth in revenues during the quarter.
The company reported its highest-ever net profit during the quarter, due to a decline in raw material costs and big savings on tax expenses. It had posted consolidate net profit of Rs 16,203 crore in the fourth quarter of FY22 (Q4FY22).
Revenue of RIL rose 2.7 per cent YoY to Rs 2.13 trillion in the March quarter. The company’s raw material expenses were down 7.9 per cent YoY during the fourth quarter.
