Reliance Industries gain ahead of Q2 results; net profit seen at Rs 5926 crore

NEW DELHI: Shares of Reliance Industries rose over 1 per cent in morning trade on Friday ahead of its September quarter earnings, which will be announced post market hours today.

The oil & gas major is expected to report 3.2 per cent year-on-year (YoY) growth in net profit at Rs 5,926 crore for the quarter compared with Rs 5,742 crore reported for the year-ago quarter, said an ET Now Poll.

At 09:30 AM; RIL was trading 1 per cent higher at Rs 912.15. It hit a low of Rs 904 and a high of Rs 911.75 in morning trade.

Net sales for RIL are expected to fall by 31 per cent YoY to Rs 66,343 crore for the quarter compared with Rs 96,486 crore reported for the corresponding quarter a year ago, said the poll.

Ebitda is seen at Rs 8,979 crore, a growth of 9 per cent YoY for the quarter ended September 30, compared with Rs 8,235 crore reported for the year-ago period.

Ebitda margins are expected to expand to 13.5 per cent YoY for the quarter compared with 8.5 per cent reported for the corresponding quarter last year.

Analysts expect RIL to report gross refining margin (GRMs) of $8.5 a barrel for the September quarter compared with $8.3 a barrel reported for the year-ago period. GRM or gross refining margin is the earnings from turning every barrel of crude oil into fuel.

The benchmark Singapore GRMs are likely to witness sequential drop of $2 a barrel.

Reliance Industries Limited (RIL)