Reliance Industries Record Quarterly Profit Drives 7% Surge in Shares

Reliance Industries' Record Quarterly Profit Boosts Market Sentiment The Indian stock market witnessed a surge in Reliance Industries' shares on Monday. With the stock jumping 7.12 per cent to Rs 1,246.45 on the BSE and 6.79 per cent to Rs 1,244 on the NSE.

The rally added Rs 1,00,208.45 crore to the company's market capitalisation, taking it to Rs 16.74 lakh crore. This marked a significant milestone for the company, which reported a record quarterly profit for July-September. The company's record September-quarter performance was driven by a 33.8 per cent year-on-year increase in consolidated profit.

This includes the share of associates and joint ventures, to Rs 29,550 crore. Net profit attributable to owners of the company increased 40 per cent to Rs 25,548 crore. Consolidated revenue rose 27.8 per cent to Rs 3.62 lakh crore.

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Meanwhile, EBITDA climbed 23.9 per cent to a record Rs 62,409 crore. The oil-to-chemicals (O2C) business was the biggest driver of the performance. With its segment EBITDA jumping 67.9 per cent to Rs 25,203 crore.

Emkay Global pointed to the sharp recovery in O2C and improving profitability at Jio as key drivers of the earnings beat. The company's stock valuation remained attractive, according to Emkay Global. The rally in Reliance also lifted the broader market.

With the BSE Sensex up 935.82 points at 75,390.02 and the NSE Nifty gaining 248.15 points to 23,300.05. As the market continues to watch Reliance's performance, investors will be keen to see how the company's future growth prospects are affected by the ongoing global supply disruptions.

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The company's ability to navigate these challenges will be vital in determining its long-term success. With its record quarterly profit and improving profitability, Reliance Industries is well-positioned to drive growth in the Indian market.

The impact of Reliance's record quarterly profit on the broader market cannot be overstated. The company's stock surge has lifted the market, with the BSE Sensex and NSE Nifty both experiencing significant gains.

Reliance Industries' record quarterly profit is a significant milestone for the company. With its improving profitability and ability to navigate global supply disruptions, the company is well-positioned to drive growth in the Indian market.