Mukesh Ambani's Reliance Industries may report up to 34 per cent year-on-year drop in September quarter, according to market analysts. On a QoQ basis, the company may log recovery even though the effects of the COVID-19 pandemic are still visible. The company will announce its quarterly results today.
Reliance's take on the recent legal battle between Amazon India and Future Group will also be watched keenly by market analysts.
The company's net sale may drop 35.1 per cent, Kotak Institutional Equities has said. Motilal Oswal expects the company to report a 34.4 per cent drop in Q2 earnings. Net sales may drop 23.8 per cent.
Market analysts will keep an eye on how the retail business performed in the said quarter after outperforming peers during the last quarter. Mukesh Ambani's crown jewel Jio is seen reporting about 2 per cent ARPU, while the company's petrochemical business may see growth on QoQ basis over higher volumes.
In its last quarterly result, Reliance Industries had reported a 31 per cent rise in consolidated profit at Rs 13,248 crore against a profit of Rs 10,104 crore in the corresponding period of last year. The company's revenue stood at Rs 1,00, 929 crores in the quarter. Reliance Jio had posted a 182.82 per cent on-year growth in net profit at Rs 2,520 in Q1FY20 against Rs 891 crore in the same period last year.
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