Reliance Industries shares snap two-day gaining streak, trade lower after Q4 results

Reliance Industries shares dropped on Tuesday, April 23, after the oil-to-telecom giant’s net profit for the quarter ending March 31, 2024, remained almost flat.

The company reported 0.1% growth in profit after tax (PAT) at ₹21,243 crore in the March quarter compared to the year-ago period.

Reliance shares were on a winning streak for the last two days and rose up to 2% ahead of the announcement of its Q4 financial results on April 22.

The oil major announced its financial results for the quarter and full financial year ended March 31, 2024, after market hours on Monday.

Reliance Industries shares opened marginally lower at ₹2,958 apiece on the NSE and briefly gained to hit an intraday high of ₹2,987 in morning trade. However, the stock pared early gains and dropped as much as 1.1% to hit an intraday low of ₹2,927 apiece.

The stock was trading at ₹2935 apiece, down 0.83%, on the NSE at 2:30 pm.

RIL posts 11% growth in Q4 consolidated revenue

Reliance Industries reported an 11% growth in consolidated revenue from operations at ₹2,40,715 crore in the March quarter of FY 2023-24 compared to ₹2,16,265 crore in the March quarter of FY23.

The oil to chemical business revenue also rose nearly 11% to ₹1,42,634 crore in the March quarter compared to ₹1,28,634 crore in the same period a year ago.

The oil to gas business reported revenue of ₹6,468 crore in Q4 of FY24 against ₹4556 crore a year ago.

Retail business revenue rose by 10.6% to ₹76,683 crore from ₹ 69275 crore while digital business revenue was ₹34,741 crore in Q4 of FY24 against ₹31375 crore in the year ago period.

Other businesses reported ₹31,099 revenue in Q4 against ₹33,040crore a year ago.

The company’s profit after tax stood at ₹21,243 crore in the March quarter against ₹21,327 crore in the year ago quarter.

Reliance Jio reported a 13% jump in profit to ₹5,337 crore in the March quarter compared to ₹4716 crore in Q4 of FY23.