Shares of Reliance Industries fell 4%, most in over three weeks. Trading volume is twice the 30-day average.
The decline comes after the company’s net profit for the quarter-ended June missed average analyst estimate. Net profit rose sequentially to Rs 19,443 crore, below the Bloomberg estimate of Rs 21,615.4 crore.
RIL Q1 FY23 Highlights (QoQ)
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Revenue from operations rose 5% to Rs 2,23,113 crore, against the estimated Rs 2,25,471 crore.
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Operating profit or earnings before interest, taxes and depreciation rose 21% to Rs 37,997 crore, compared with the Rs 38,471-crore forecast.
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Operating margin stood at 17.3% versus 15.1% as of March.
Of the 39 analysts tracking the company, 31 suggest ‘buy’, five maintain ‘hold’ and three recommend ‘sell’. The return potential is 19.2%.
Source: Exchange filing, Bloomberg
(Updated the net profit estimate figure)
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