Reliance Industries to announce Q2 result on October 27

Reliance Industries Limited to announce September quarter results for FY24 on October 27, the company said in its BSE filing on Friday. The result for the September quarter and for the half year of FY23-24 will be announced after the conclusion of Board of Directors meeting.

“A meeting of the Board of Directors of the Company is scheduled to be held on Friday, October 27, 2023, inter alia, to consider and approve the standalone and consolidated unaudited financial results of the Company for the quarter and half year ended September 30, 2023,” said the company in its stock filing.

RIL shares closed marginally lower at ₹2299.15 on BSE on Friday. The company's share value has decreased by 3.27% YTD and by 0.40% in last one year. 

In April-June quarter, the company witnessed a 10.8 per cent decline in its net profit at ₹16,011 crore, while revenue from operations fell 4,69 % to ₹2,31,132 crore. The oil-to-chemicals (O2C) arm's revenue declined 17.7 per cent to ₹1,33,031 crore on sharp reduction in global crude oil prices. The weakness in O2C biz offset the company's overall growth reported by resilience in retail and telecom arms - Reliance Retail and Reliance Jio during the quarter-under-review.

However, RIL witnessed growth in its Reliance Retail business. The gross revenue of the retail arm surged by 19 per cent year-on-year, reaching to ₹69,948 crore, against ₹58,554 crore in June quarter last year. The EBITDA came in at ₹5,151 crore, compared to ₹3,849 crore in the year-ago period. Mukesh Ambani's firm also declared a dividend of ₹9 per equity share for FY23. The conglomerate's earnings before interest, taxes, depreciation, and amortization (EBITDA) during the June quarter stood at ₹38,093 crore against ₹37,997 crore. The EBITDA margin during the June quarter came in at 18.3 per cent compared to 17.3 per cent in the year-ago period.