Shares of Reliance Industries Ltd on Friday closed at Rs. 2,104.00 per share down Rs. 16.70 or 0.79 percent lower from its previous closing price of Rs. 2,120.70 on the National Stock Exchange (NSE). This comes after the company reported its quarter-first financial reports to the Exchange.
Reliance Industries Ltd on Friday reported a 7 percent drop in its June quarter net profit as higher expenses negated smart gains across businesses from O2C to telecom and retail, as higher expenses negated smart gains across businesses from O2C to telecom and retail. Consolidated net profit of Rs 12,273 crore in April-June compared with Rs 13,233 crore a year ago, the company said in a statement. Expenses, including taxes, soared over 50 percent, neutralising gains in oil-to-chemicals (O2C), telecom and retail businesses. Expenses rose to Rs 1.31 lakh crore, including tax expenses climbing to Rs 3,464 crore.
The results indicated minimal impact of the second wave of COVID on operating and financial performance. Diversified portfolio across the entire consumption basket led to record earnings even in a subdued quarter.
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