After Reliance Industries reported a 15% decline in net profits for the third quarter, shares of the company gained almost 1% in morning trading on Monday
In early trade on BSE, the stock of the country’s most valuable firm by market value jumped 0.90 percent to Rs 2,464.80. It gained 0.95 percent to Rs 2,465.75 on NSE.
Reliance Industries, a billionaire Mukesh Ambani’s company, reported Friday a 15% drop in net profit to Rs 15.792 crore for the December 2022 quarter. This was due to higher finance costs and the devaluation and new windfall profit tax that negated strong operating performance.
The oil-to-retail-to-telecom conglomerate’s consolidated net profit of Rs 15,792 crore or Rs 23.34 per share, in October-December compares with Rs 18,549 crore, or Rs 28.08 a share, earnings in the same period a year back, the company said in a regulatory filing.
Its revenue from operations increased to Rs 2,20592 crore, from Rs 1,91271 crore in October-December 2021.
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