Analysts Weigh In on Top Domestic and Global Brokerages’ Views.
The share price of Reliance Industries fell 2% in the first quarter, according to prominent local and worldwide brokerages.
Reliance Industries recorded a net profit of 16,011 crore, a 10.8 percent decrease from the previous year’s figure of 17,955 crore. The gross income from business during the initial quarter of the present fiscal was 231,132 crore, a 4.6 % decrease from the previous year’s figure of 242,529 crore.
Its profits despite interest, taxes, depreciation, and amortisation (EBITDA) for the month of June were 38,093 crore, up from 37,997 crore the previous year. Although steady expansion in the retail and telecommunications divisions, the business’s overall expansion was cancelled out by O2C results.
Following RIL’s Q1FY24 earnings, most brokerage companies maintained their previous opinions on the company. Although EBITDA and earnings per share (EPS) projections have been revised, most brokerage firms remain bullish on the company.
Motilal Oswal Financial Services, a domestic trading company, retained a buy recommendation on the shares with a target price of $2,935. According to the trading company, the buyer’s industry has been an uncertain one, with retail witnessing modest growth but set to benefit from the upcoming group presence.