Saturday, October 23, 2021

Reliance Industries Profit Rises 43% in Q2FY22 | Stock Outlook

The country's most valued company - Reliance Industries - on Friday reported net profit of ₹ 13,680 crore in quarter ended September 30, 2021, marking a rise of 42.99 per cent from the same quarter last year on the back of higher demand of oil products.

 Reliance Industries total expenses in the quarter jumped almost 45 per cent annually to ₹ 1,59,133 crore

The oil-to-telecom conglomerate's revenue from operations in the second quarter of the current fiscal advanced 50 per cent to ₹ 1.74 lakh crore compared to Rs 1.16 lakh crore in the year ago period. 

Reliance Industries earnings before interest, tax, depreciation and amortization (EBITDA) also known as the operating profit came in ₹ 30,283, up almost 30 per cent.

"As the pandemic retreats, I am pleased that Reliance has posted a strong performance in 2Q FY22. This demonstrates the inherent strengths of our businesses and the robust recovery of the Indian and global economies. All our businesses reflect growth over pre-COVID levels,'' said Mr Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited.

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One of the all time favourite stock of the investors with strong fundamental and technical. Long term investors should stay invested in stock with patience . Currently 2456 - 2564 is good buying zone for short term investors. Still follow buy on dips strategy and don't panic in normal routine correction.

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