One of the largest industrial conglomerates, Mukesh Ambani-led Reliance Industries, has gotten off to a negative start in the early hours of the day's trade on July 22, Monday.
Reliance Marks A Subdued Start To FY25
The company shares dropped above 2 per cent in the initial hours of the intraday trade. This comes after the company declared its results for the first quarter of the new fiscal year.
The entity garnered Rs 17,448 crore in profit after tax (PAT) in Q1, according to its consolidated financial statement.
It is not just the profit that declined; the Mumbai-based company's total income also slumped. The company accrued a total income of Rs 2,40,200 crore. It was lower than the total income in the January–March quarter, when the company made Rs 2,45,249 crore. |
This is lower than the previous quarter's (Q4 of FY24), when the company reported an earning of Rs 21,143 crore.
This marked a 17 per cent drop in its profit after tax or PAT, on a quarter-to-quarter basis.
It is not just the profit that declined; the Mumbai-based company's total income also slumped. The company accrued a total income of Rs 2,40,200 crore. It was lower than the total income in the January–March quarter when the company made Rs 2,45,249 crore.
It resulted in a 2.05 per cent drop in its total income. This figure was, however, better than the total income earned this time around last year or Q1 of FY24, when the company made Rs 2,14,644 crore.
At 10:40 IST, Reliance Industries Limited shares dropped by 2.76 per cent or Rs 85.80. This decline took the overall value of each individual share to Rs 3,024.50. |
Relaince Shares Drop By 2%
In addition, it is also interesting to note that the company's overall expenses also saw a drop, contrary to expectations. The total expenses made in Q1 FY25 by the company stood at Rs 2,16,966 crore. In the previous quarter, the total expenses stood at Rs 2,17,529 crore.
The company's shares have seen a steady decline since the beginning of the day's trade. The share prices have progressively moved downward without any deviation so far.
At 10:40 IST, Reliance Industries Limited shares dropped by 2.76 per cent or Rs 85.80. This decline took the overall value of each individual share to Rs 3,024.50.
