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Sunday, November 29, 2020

Reliance Industries shares tank nearly 6 per cent after Q2 earnings

The Reliance Industries Ltd (RIL) stock tumbled 5.54 per cent to Rs 1,940.50 on the BSE. On the NSE, it declined 5.57 per cent to Rs 1,940.05.

By: PTI | New Delhi | Updated: November 2, 2020 8:36:57 pm
The net profit of RIL’s digital arm Reliance Jio Infocomm rose 187 per cent to Rs 2,844 crore in the quarter under review from Rs 990 crore a year ago. (File)

Shares of Reliance Industries Ltd (RIL) on Monday tanked nearly 6 per cent after the company reported a 15 per cent drop in second quarter net profit. The stock tumbled 5.54 per cent to Rs 1,940.50 on the BSE. On the NSE, it declined 5.57 per cent to Rs 1,940.05.

The company’s market valuation tumbled Rs 68,093.52 crore to Rs 13,21,302.15 crore on the BSE. RIL on Friday reported a 15 per cent drop in second quarter net profit after a slump in core oil and chemicals business dragged down continued good showing in consumer-facing verticals such as telecom.

The earnings announcement came after market close on Friday. Net profit was attributable to owners at Rs 9,567 crore in July-September compared with Rs 11,262 crore a year back, Reliance said in a stock exchange filing.

The oil-to-telecom-to-retail conglomerate saw consumer-facing units doing well amid the lockdown easing but the core business continued to face pressure.

The firm’s net addition of 7.3 million subscribers and per-user revenue rising to Rs 145 helped the telecom business soar. Digital services, which include the telecom arm Jio, saw pre-tax profit surge 53 per cent to Rs 8,345 crore as revenues soared by more than one-third.

Petrochemicals revenue fell 23 per cent to Rs 29,665 crore and pre-tax profit dropped 33 per cent at Rs 5,964 crore.

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