Reliance Industries falls 4% on lower than expected June quarter profit

Results were below estimates on account of lower than expected oil-to-chemical (O2C) profitability, analysts said

Shares of Reliance Industries dipped 4 per cent to Rs 2,404 on the BSE in Monday's intra-day trade after the company reported lower-than-expected consolidated net profit at Rs 17,955 crore for the quarter ended June 30, 2022 (Q1FY23), up 46.3 per cent over the year-ago period. A poll of analysts by Bloomberg had estimated net profit at Rs 21,615 crore.

The oil-to-telecom conglomerate's gross sales for the quarter came in at Rs 2.43 trillion, up 53 per cent over the year-ago period. Consolidated PBIDT (profit before interest, depreciation and tax) jumped 45.9 per cent YoY to Rs 40,244 crore