Reliance Industries shares drop over 3% after Q1 earnings

New Delhi: Shares of Reliance Industries Ltd, India's most valuable company by market valuation, on Monday declined over 3 per cent after the company reported a 5 per cent drop in its June quarter net profit.

The blue-chip stock dropped 3.38 per cent to Rs 3,004.25 on the BSE.

At the NSE, it declined 3.44 per cent to Rs 3,003.25.

Reliance Industries Ltd on Friday reported a 5 per cent drop in its June quarter net profit as lower fuel cracks and petrochemical margins outdid gains in telecom and retail businesses.

The oil-to-retail-to-telecom conglomerate's consolidated net profit was at Rs 15,138 crore, or Rs 22.37 per share, in the April-June period -- the first quarter of the current 2023-24 fiscal year -- compared to Rs 16,011 crore, or Rs 23.66 a share, earnings a year back, according to a company's statement.

The net profit was also 20 per cent lower quarter-on-quarter when compared to the record Rs 18,951 crore earnings in the preceding three months ended March 31.

Revenue from operations was up 11.5 per cent to Rs 2.57 lakh crore from Rs 2.31 lakh crore in the year-ago period but was lower than Rs 2.64 lakh crore in January-March 2024.