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    RELIANCE   INE002A01018

RELIANCE INDUSTRIES LTD

(RELIANCE)
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Reliance Industries : India's Reliance profit surges 43% on oil products demand

10/22/2021 | 11:23am EST
FILE PHOTO: A man walks past a Reliance Industries Limited sign board installed on a road divider in Gandhinagar

BENGALURU (Reuters) - Reliance Industries Ltd, India's most valuable company, reported second-quarter profit that jumped 43% to exceed market expectations, as higher demand for oil products boosted its mainstay oil-to-chemicals business.

The conglomerate, led by billionaire Mukesh Ambani, said consolidated profit rose to 136.80 billion rupees in the quarter ended Sept. 30, from 95.67 billion rupees a year earlier.

Analysts, on average, had expected a profit of 134.65 billion rupees, according to Refinitiv data.

Revenue from the oil-to-chemicals unit, home to both its refining and petrochemicals operations, rose 58.1%, benefiting from a sharp recovery in demand across products and higher transportation fuel margin, the company said.

Reliance's telecom unit Jio reported a 24% rise in profit.

Overall revenue from operations rose 50% to 1.74 trillion rupees from a year earlier.

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Arun Koyyur)


ę Reuters 2021
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Analyst Recommendations on RELIANCE INDUSTRIES LTD
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Financials
Sales 2022 6 928 B 92 963 M 92 963 M
Net income 2022 574 B 7 703 M 7 703 M
Net Debt 2022 212 B 2 840 M 2 840 M
P/E ratio 2022 28,2x
Yield 2022 0,33%
Capitalization 15 746 B 212 B 211 B
EV / Sales 2022 2,30x
EV / Sales 2023 1,97x
Nbr of Employees 236 334
Free-Float 49,4%
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Mean consensus OUTPERFORM
Number of Analysts 31
Last Close Price 2 477,45 INR
Average target price 2 670,66 INR
Spread / Average Target 7,80%
EPS Revisions
Managers and Directors
Mukesh Dhirubhai Ambani Chairman & Managing Director
Srikanth Venkatachari Joint Chief Financial Officer
Alok Agarwal Joint Chief Financial Officer
Savithri Parekh Secretary & Compliance Officer
Dipak Chand Jain Independent Non-Executive Director
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