Reliance Industries Sheds Over 4% Post Q3 Results
Reliance Industries shares shed more than 4 per cent on the BSE after the company, on Friday, reported its numbers for the third quarter ended December 31, 2020. At 9:45 am, the shares of Reliance Industries were trading at Rs 1961 on the BSE, lower by Rs 88 or 4.3 per cent on the BSE. The shares touched an intra-high of Rs 2,052 and a low of Rs 1,953.40 thus far.
The country's most valuable company's net profit rose 13 per cent to Rs 13,101 crore in quarter ended December 2020 from Rs 11,640 crore during the corresponding period a year ago.
The Mukesh Ambani-led company's profit was better than anticipated as analysts polled by Refinitiv expected the company to report profit of Rs 11,009 crore. Its revenue from operations however, declined 21 per cent to Rs 1.24 lakh crore.
The oil-to-telecom giant posted its highest ever quarterly profit as total expenses fell sharply during the quarter. Total expenses declined 22 per cent annually to Rs 1.13 lakh crore from Rs 1.45 lakh crore in the year-ago period.
Its earnings before interest, tax, depreciation and amortisation (EBITDA) - or operating profit - increased 12 per cent to Rs 26,094 crore in the three months to December 31, compared to the previous quarter.
The BSE Sensex was at 48,689.45, lower by 167.20 points or 0.53 per cent and the NSE Nifty was at 14,325.85, down 39 points or 0.27 per cent.
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