Reliance Industries Q3 results report surge in profits

Reliance Industries is one the most valuable company in India reported its 3rd quarter results, which showed a surge in net profit by 12.5% on year on year basis to Rs 13,101 crores in comparison to Rs 11,640 crore of net profit reported in the corresponding period of last year.  The rise in profit for the quarter ended in December is attributed to a strong rebound across all businesses.

Financial numbers may have been favorable on the bottomline but operating revenue declined to Rs 128,450 crore in the quarter under review as compared to Rs 160,447 crore for the same period in the previous year.

The company also reported the highest ever consolidated profit before exceptional items at Rs 15,015 crores against Rs 10,954 crores reported in the previous quarter. Profit before exceptional items surged by 119% from Rs 6,841 crores earned for the corresponding period a year ago. 

In this quarter, Relian telecom subsidiary, Jio added to the profits of Reliance Industries, as its consolidated profit rose by 15.5% to Rs3,489 crores and revenue went up by 5.3% to Rs19,475 crores.

Fall in revenue number dragged the share prices of reliance industries in red region roe third consecutive trading days and touched a low of Rs 2455 on 22 Jan,2022. However, the surge in profit and buying from lower levels gave support to the price to close the trading session at Rs 2477.45. 

We can expect some more down in the shares and may touch the level of Rs 2400, and if sustains the said level, a surge in price could be seen from thislevel. However, falling below Rs2400 can take the share towards Rs 2350. 

Reliance industries are fundamentally and financially sound conglomerates, however investment in markets must be made through discreation, as investments in the stocks markets are subject to uncertain market risk.


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