Mukesh Ambani's Reliance Industries To Announce Q2 Results On October 27

Reliance Industries said on Friday that the company's Board of Directors will on October 27 consider and approve the standalone and consolidated unaudited financial results for the quarter that ended September 30, 2023.

In an exchange filing on Friday, the company said, "A meeting of the Board of Directors of the Company is scheduled to be held on Friday, October 27, 2023, inter alia, to consider and approve the standalone and consolidated unaudited financial results of the Company for the quarter and half year ended September 30, 2023."

This time Reliances' results will be on everybody's watchlist as this will be the first instance when the company will release its financial update after the demerger of its financial services business Jio Financial Services Ltd in July this year.
Analysts expect the company's operating performance to improve amidst improving refining margins. While Jio is likely to show steady performance, retail segment profitability is expected to be resilient.

RIL shares closed marginally 0.28% lower at Rs 2299.15 on BSE on Friday. The company's share price has fallen by 3.27% in this year so far and by 0.40% in last one year.

In the April-June quarter, the oil-to-telecom conglomerate experienced a 10.8% drop in its net profit at Rs 16,011 crore, while revenue from operations were down 4.7% to Rs 2,31,132 crore. The oil-to-chemicals (O2C) arm's revenue fell 17.7% to Rs 1,33,031 crore on a reduction in crude oil prices.

However, RIL saw positive growth in its Reliance Retail business. The gross revenue of the retail arm surged by 19% year-on-year (YoY), reaching Rs 69,948 crore, compared to Rs 58,554 crore in the June quarter last year.

On October 16, Mukesh Ambani's Jio Financial Services reported financial results for the quarter and half year ended September 30, 2023. During this period the company's net profit jumped 101% sequentially at Rs 668 crore compared to Rs 331.92 crore in the June quarter. This growth in net profit was driven by strong topline growth.