Reliance Q1 net profit jumps 46% on-yr to Rs 17995 crore, falls short of 100% growth estimate; revenue up 54%

Mukesh Ambani’s Reliance Industries on Friday reported its fiscal first quarter consolidated net profit jumped 46% on-year to Rs 17,955 crore, falling way short of street estimates. RIL’s April-June revenue was at Rs 2,23,113 crore, up 54.5% from a year ago. Analysts had expected RIL to at least double its net profit from the year-ago period to about Rs 24,000 crore. Last year in the corresponding quarter, RIL had reported a net profit of about 12,300 crore. Company’s consolidated EBITDA came in at Rs 40,179 crore, up 45.8% on-year. Ahead of RIL results, Reliance Jio posted a net profit of Rs 4,335 crore for the quarter under review, up 23% from a year ago. Reliance shares closed at Rs 2,502, up 0.62% on BSE.