The 44th Annual General Meeting (AGM) of Reliance Industries (RIL) will be held on August 29, 2022. A video conference will be used for the meeting at 2 pm. The dividend for FY22, which can be declared at the AGM, is August 19 as the record date set by the company.
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Billionaire Mukesh Ambani’s RIL in July announced a 46% jump in net profit for the June quarter, driven by record oil refining earnings as well as a boom in telecom and retail operations. According to a company statement, the oil, retail and telecom group’s consolidated net profit for April to June was 17,955 crore, or 26.54 per share, up from 12,273 crore, or 18.96 per share, a year earlier.
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Sequentially, net profit increased by 11%, but fell short of analysts’ expectations as they assumed the company would have bought Russian crude at the biggest discount and exported all gasoline when margins were highest. Will happen. Except January to March, net profit increased in each of the last six quarters (starting July-September 2021).
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Reliance announces record quarterly consolidated profit before interest, taxes, depreciation and amortization (EBITDA) 40,179 crore, up 45.8 per cent year-on-year. Increase in EBITDA of 12,629 crore mostly in gas and oil production, or 76%, or . was due to 9,597 crores.
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After Russia’s invasion of Ukraine, energy prices hit an all-time high, and Reliance saw extraordinary but not unusual gains from its oil-to-chemicals sector. Record refining margins drove segment earnings to 62.6%, despite weak Petchem. Additionally, export cracks or margins for gasoline and diesel were at an all-time high. Its export revenue rose 71.3% 96,212 crores.
Commenting on the results, Mukesh Ambani said: “Geopolitical conflict has created significant dislocation in energy markets and disrupted traditional trade flows. This along with resurgent demand resulted in tight fuel markets and improved product margins. Despite significant challenges from tight crude markets and high energy and freight costs, the O2C business has delivered its best.”
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