Reliance Q3 net profit rises 11% to ₹19,641 crore, revenue at ₹2.48 lakh crore: Live Updates

Reliance Industries, India's most valuable company, reported gross revenue of ₹2.48 lakh crore, up 3.2% Y-o-Y, supported by continued growth momentum in consumer businesses. Meanwhile, its profit after tax improved by 10.9% Y-o-Y at ₹19,641 crore.

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Reliance Industries telecom arm Reliance Jio reported a 12% rise in Q3FY24 net profit to ₹5,208 crore. Meanwhile, its revenue from operations increased 10% year-on-year to ₹25,368 crore

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• Oil-to-telecom conglomerate’s Q2 revenue was largely in line with expectations. The company saw a 27% YoY rise in consolidated net profit to ₹17,394 crore crore for the September 2023 quarter. Revenue from operations rose 1.1% to ₹2.34 lakh crore.

• Meanwhile, the company’s shares have gained nearly 6% so far this month. However, the future rise in stock price will depend on Q3 earnings outcome and management commentary.

The shares of Reliance Industries are trading lower ahead of the third quarter earnings, scheduled to be announced later today, with a day low of ₹2,718 per share.

• Ahead of the Q3 result, Reliance Industries (-0.4%) shares traded in the red, with a day low of ₹2,718 per share.

• During the second quarter of FY24, the oil-to-telecom conglomerate reported a consolidated net profit of ₹17,394 crore, up 27% YoY. Meanwhile, the company’s total revenue from operations was almost flat at ₹2.34 lakh crore.