Reliance Industries to announce March quarter results on April 30
BusinessToday.In April 27, 2020
Mukesh Ambani-led Reliance Industries (RIL) will declare its results for the fourth quarter and financial year ended March 31, 2020, on April 30. The board of directors of the oil-to-telecom behemoth will consider and approve the standalone and consolidated audited financial results of the company on April 30, RIL said in a regulatory filing.
"The meeting of the board of directors of the company is scheduled on April 30, to consider and approve the standalone and consolidated audited financial results of the Company for the quarter / year ended March 31, 2020," RIL said in a filing to the Bombay Stock Exchange on Monday.
"The board will recommend dividend on equity shares of the company; and consider a proposal to issue equity shares to existing shareholders on rights basis, as may be permitted under applicable law, subject to such regulatory/statutory approvals, as may be required," it added.
The country's largest company by market cap is expected to report fall in profit for March quarter due to inventory losses in the wake of a slump in crude oil prices in the international market.
According to rating agency Nomura India, RIL's standalone profits may fall 11 per cent year-on-year, and 21 per cent on quarter-on-quarter, to Rs 7,610 crore, due to weak refining margins. It pegs Reliance's gross refining margin (GRM) to fall to $7.8 a barrel in Q4FY20 from $9.2 in Q3FY20.
In December quarter, India's most-valued company reported a 13.5 per cent rise in consolidated net profit at Rs 11,640 crore as opposed to Rs 10,251 crore in the corresponding quarter last year, on the back of a turnaround in oil refining business coupled with the continued rise of retail and telecom arms. This was the highest quarterly net profit earned by any private company, surpassing its own previous best of Rs 11,262 crore in the July-September 2019 period.
In Q3 of FY19, RIL posted consolidated revenue of Rs 1.68 lakh crore in comparison to Rs 1.71 lakh crore in the same period last fiscal.
Meanwhile, Reliance Industries share price ended at Rs 1,430.30 apiece, up 0.91 per cent, against previous closing price of Rs 1,417.35, on the Bombay Stock Exchange.