Reliance Industries, the only listed entity which has more than Rs 10-lakh crore market cap, reported highest ever quarterly profit of Rs 11,640 crore (up 3.4 percent QoQ and 13.5 percent YoY) in Q3FY20 driven by strong telecom, retail and refining business. Higher other income and lower tax cost also supported profitability.
Revenue from operations during the quarter grew 2.5 percent sequentially (down 2.5 percent YoY) to Rs 1.57 lakh crore with gross refining margin at $9.2 a barrel (down by $2 a barrel QoQ and up $4 a barrel YoY.
The stock was quoting at Rs 1,550.00, down Rs 30.65, or 1.94 percent on the BSE at 1046 hours IST.
Most brokerages retained their bullish stance on the stock with CLSA and Nomura, the only brokerage which expects the stock to move above Rs 2,000 mark by year-end after quarterly earnings.