About the Company:
Mumbai based, Reliance Industries Limited is an Indian conglomerate holding company. Reliance engaged businesses across India in energy, petrochemicals, textiles, natural resources, retail, and telecommunications.
QoQ & YoY Performance:
India’s largest conglomerate company has declared the results for the second quarter of the financial year ending March 2020.
- Total Revenue: Revenue from operations after deducting Goods and Services Tax (GST) decline by 5.70% to Rs. 1.52 lakh crore in Sept quarter compared with Rs. 1.46 lakh crore in the same period last year.
- Telecom segment: Jio Infocomm reported Rs 990 crore profits and revenue stood at Rs 12,354 crore.
- Petrochemicals segment: Revenue from the petrochemicals segment stood at Rs.38,538 crore.
- Retail Segment: Retail's revenue for the September quarter grew by 27% to Rs. 41,202 crore with strong growth despite slowdown consumption as against Rs 32,436 crore in the corresponding period of the previous year.
- Net Profit after Tax: Reliance Industries net profit stood at Rs. 11,352 crores compared with Rs. 9,549 crore in the financial year 2019-20, up 18.88%.
As per Lokesh Sethia, SEBI Registered Research Analyst, the stock was closed at Rs.1416 per share in the last trading session. The Company reported a soft set of numbers followed by a global weak trend. However, the launch of JioGiga Fiber services during the quarter boosted market sentiment, which helped the company to cherish financial numbers on this segment. Hence, we recommend it to “BUY” for the target of Rs. 1551 per share for Long-Term view.