Reliance Share Price Target After Q4 Results; Mukesh Ambani’s Company Becomes First To Surpass 1 Lakh Crore Mark
Reliance has also announced an interim dividend ₹10 per equity share for the financial year ended March 31, 2024, in its Q4 results.
Reliance Industries Ltd on 22nd April reported an almost flat March quarter net profit, while its annual earnings hit a record high on the back of a recovery in its core oil and petrochemicals business and sustained momentum across the consumer-facing telecom and retail businesses.
Reliance Industries Ltd (RIL) achieved a significant milestone by becoming the first Indian company to surpass the ₹1 lakh crore mark in pre-tax profits. Its net profit for the fiscal year increased by 7% to ₹79,020 crore as compared to the previous year. Also, the company reported a record annual consolidated revenue exceeding ₹10 lakh crore.
The oil-to-telecom-and-retail conglomerate’s consolidated net profit stood at Rs 18,951 crore, or Rs 28.01 per share, in January-March quarter of the 2023-24 fiscal compared to Rs 19,299 crore, or Rs 28.52 a share, a year ago, according to a company’s stock exchange filing.
The profit was, however, higher quarter-on-quarter when compared to Rs 17,265 crore in October-December period.
Reliance Industries Share Price Target 2024:
The share price of Reliance Industries ended 0.77 per cent higher on 22nd April’s trading session at ₹2,962 per share ahead of the announcement of Q4 results.
The company has also announced an interim dividend ₹10 per equity share for the financial year ended March 31, 2024, in its Q4 results.
UBS has maintained a Buy rating with a share price target of Rs 3420.
Reliance Industries EBITDA
While quarterly EBITDA (earnings before interest, taxes, depreciation, and amortization) was up 14.3 per cent year-on-year to Rs 47,150 crore, registering growth across all businesses, the revenue from operations rose almost 11 per cent to Rs 2.64 lakh crore.
The mainstay oil refining and petrochemicals business, called O2C, posted a 11 per cent rise in revenue and a 3 per cent higher EBITDA at Rs 16,777 crore in Q4.
