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Reliance Industries Limited (RIL), led by the billionaire Mukesh Ambani, is all set to announce its financial results for the quarter and year ended March 31, 2023, on April 21. In a filing with the Bombay Stock Exchange (BSE), the company stated that its board of directors would meet on April 21 to consider and approve the standalone and consolidated audited financial results.
Stock Performance of Reliance Industries
In Thursday’s trade, RIL stock closed at Rs 2,355.6 on the BSE, up 0.4% from the previous day’s closing price. However, the stock has seen a decline of over 8% on a year-to-date basis. On the other hand, it has surged over 5% in the last one month.
Financial Highlights of Q3 FY23
In Q3 FY23, Reliance Industries reported a consolidated net profit of Rs 15,792 crore, which was a 15% year-on-year (YoY) fall. The company’s revenue increased 15.3% YoY to Rs 2.20 lakh crore, while its consolidated operating profit (EBITDA) rose 13.5% YoY to Rs 38,460 crore.
The mainstay oil-to-chemicals (O2C) business of RIL recorded a consolidated revenue of Rs 1.44 lakh crore, up 10% YoY. This business contributed to more than 65% of the company’s consolidated topline in the quarter. Meanwhile, Reliance Retail Ventures reported a consolidated net profit of Rs 2,400 crore, a YoY growth of 6.2%. The revenue of the retail major increased 17% YoY to Rs 67,623 crore. The consolidated net profit of Jio Platforms rose 28.6% YoY to Rs 4,881 crore, and revenue increased by 21% to Rs 24,892 crore.
Analyst Recommendations and Target Price
As per Trendlyne data, the average target price of RIL is Rs 2,852 per share, indicating an upside of 21% from the current market prices. The consensus recommendation from 34 analysts for Reliance Industries is ‘buy’. Out of the 33 analysts covering the stock, 29 have strong buy and buy ratings, while only two have strong sell and sell ratings, and the remaining three have hold ratings.