Mukesh Ambani-led conglomerate Reliance Industries, said on April 15, that it will announce its March quarter (Q4 FY24) results on April 22. Additionally, the company’s board will also consider and approve a dividend.
“A meeting of the Board of Directors of the Company is scheduled to be held on Monday, April 22, 2024 to consider and approve the standalone and consolidated audited financial results of the Company for the quarter and year ended March 31, 2024 and recommend dividend on equity shares of the Company for the financial year ended March 31, 2024,” the conglomerate said in an exchange filing.
Also read: Jio Financial Services and BlackRock join hands for wealth management, broking business
If approved by the board, the conglomerate will announce its second dividend for the financial year 2023-2024. In the June quarter, the Mukesh Ambani-owned company announced a dividend of ₹9, making it the first of the fiscal year. The previous dividend, ₹8 per share, was declared in May 2022, preceding nearly a year without dividends until the one paid in July last year.
Earlier today, brokerage firm Axis Securities Ltd initiated coverage on Reliance Industries Ltd with a “buy” rating, elevating its target price by 20 percent to ₹3,514 per share. This adjustment is attributed to robust earnings growth, positive cash flows, and an expanding return on invested capital.
The brokerage holds a positive outlook on Reliance Retail Ltd, emphasizing its robust revenue/EBITDA, expanding digital footprint, and advancements in the packaged consumer goods division. Additionally, it anticipates Reliance Jio’s telecom unit to attract more subscribers, increase average revenue per user (ARPU) through organic growth and acquisitions, and capitalize on its wireless broadband service, JioAirFiber.
The firm further emphasized Reliance Retail’s substantial increase in market share within organized retail, attributing it to a strong expansion of its network and impressive growth rates. The firm anticipates that future growth will be fueled by digital innovations, expansion in the FMCG sector, and enhanced return on invested capital (RoIC).
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates & Live Business News.
Published: 15 Apr 2024, 09:22 PM IST