Reliance shares slumped over 2% as the markets opened on Monday after the company reported its earnings for the quarter ended June.
What Happened: The oil-to-telecom giant’s consolidated net profits for the year came in at 16,011 crore down 10.83 from the ₹17,955 crore profit it booked in the year-ago period. The company’s revenue from operations slumped around 5% to ₹2.07 lakh crore as compared to the ₹2.19 lakh crore revenue it reported in the same quarter last year.
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The company’s EBITDA for the April-June period stood at ₹38,440 with an EBITDA margin of 18.06%. Basic earnings per share for the quarter came in at ₹23.66. The company also announced a ₹9/share dividend.
Most brokerages remained bullish on the stock after the results. Here are the latest brokerage calls on the stock:
| Research Firm | Rating | Price Target |
| JP Morgan | Buy | ₹3,040 |
| Goldman Sachs | Buy | ₹2,725 |
| Jefferies | Buy | ₹2,935 |
| Macquarie | Underperform | ₹2,100 |
| Citi | Buy | ₹2,750 |
Price Action: Reliance’s share price was down 2.46% to trade at ₹ 2,476.25 as the markets opened on Monday.
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