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MarketScreener Homepage  >  Equities  >  NSE India Stock Exchange  >  Reliance Industries Ltd    RELIANCE   INE002A01018

RELIANCE INDUSTRIES LTD

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Reliance's revenue sinks on oil hit, profit up on BP deal gain

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07/30/2020 | 12:01pm EDT
The logo of Reliance Industries is pictured in a stall at the Vibrant Gujarat Global Trade Show at Gandhinagar

Reliance Industries Ltd June-quarter profit rose as the Indian conglomerate booked a one-time gain from a BP investment, although revenue tumbled as the coronavirus crisis slammed its refining and petrochemicals businesses.

Reliance, led by Asia's richest man Mukesh Ambani, has in recent years built large telecom and retail businesses as it taps into India's consumer boom, but the company's energy units still make up the bulk of its business.

"The severe demand destruction due to global lockdowns impacted our hydrocarbons business," Reliance Chairman Ambani said in a statement on Thursday.

The company's revenue from operations fell nearly 44% to 912.38 billion rupees ($12.2 billion) as the COVID-19 pandemic destroyed demand for refined oil products such as gasoline, diesel and jet fuel due to global travel and business disruptions.

Reliance, India's biggest company by market value, said consolidated profit climbed 31% to 132.33 billion rupees in the three months to June 30.

Earnings were boosted by a gain of 49.66 billion rupees from British oil major BP's investment last year in a fuel retailing joint venture with Reliance.

Its gross refining margin - the profit earned on each barrel of crude oil processed - slumped to $6.3 per barrel, the lowest level since 2009. However, Reliance said it maintained a significant premium of $7.2 per barrel over the regional benchmark margin.

Meanwhile, Reliance's telecom unit Jio Infocomm - India's largest by subscribers - continued to remain a bright spot, adding 9.9 million subscribers on a net basis.

Jio is part of Reliance's digital arm, which has raised more than $20 billion since April, with about half coming from Facebook and Google.

Reliance's retail division, which runs 10,000 stores selling groceries, consumer electronics and apparel, suffered a 17% drop in revenue as many shoppers stayed indoors.

(Reporting by Sachin Ravikumar in Bengaluru, and Nidhi Verma and Sankalp Phartiyal in New Delhi; Editing by Aditya Soni and Anil D'Silva)

By Sachin Ravikumar

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 1.76% 1505.62 Delayed Quote.10.54%
BP PLC 1.22% 311.3 Delayed Quote.-34.79%
FACEBOOK 1.85% 260.35 Delayed Quote.24.79%
LONDON BRENT OIL 1.48% 45.16 Delayed Quote.-31.89%
RELIANCE INDUSTRIES LTD -0.29% 2127.6 End-of-day quote.40.52%
WTI 1.92% 42.325 Delayed Quote.-31.52%
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Financials
Sales 2021 5 422 B 72 546 M 72 546 M
Net income 2021 422 B 5 643 M 5 643 M
Net Debt 2021 1 096 B 14 667 M 14 667 M
P/E ratio 2021 32,8x
Yield 2021 0,34%
Capitalization 13 509 B 181 B 181 B
EV / Sales 2021 2,69x
EV / Sales 2022 2,09x
Nbr of Employees 195 618
Free-Float 50,9%
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Technical analysis trends RELIANCE INDUSTRIES LTD
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 2 043,17 INR
Last Close Price 2 127,60 INR
Spread / Highest target 17,5%
Spread / Average Target -3,97%
Spread / Lowest Target -45,9%
EPS Revisions
Managers
NameTitle
Mukesh Dhirubhai Ambani Chairman & Managing Director
Srikanth Venkatachari Joint Chief Financial Officer
Alok Agarwal Joint Chief Financial Officer
Nikhil Rasiklal Meswani Executive Director
Hital Rasiklal Meswani Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
RELIANCE INDUSTRIES LTD40.52%181 571
EXXON MOBIL CORPORATION-35.55%190 144
BP PLC-34.79%80 981
CHINA PETROLEUM & CHEMICAL CORPORATION-26.23%66 322
NESTE OYJ30.98%36 720
PTT-14.77%34 456