Reliance Industries shares climb nearly 1% post earnings

New Delhi: Shares of Reliance Industries Ltd on Tuesday climbed nearly 1 per cent after the company's annual earnings hit a record high.

The stock advanced 0.85 per cent to Rs 2,986.05 on the BSE. At the NSE, it climbed 0.92 per cent to Rs 2,987 apiece.

The company's market valuation stood at Rs 20,07,346.55 crore.

Reliance Industries Ltd on Monday reported an almost flat March quarter net profit, while its annual earnings hit a record high on the back of a recovery in core oil and petrochemicals business and sustained momentum across the consumer-facing telecom and retail businesses.

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.

For the full fiscal FY24 (April 2023 to March 2024), Reliance posted a record net profit of Rs 69,621 crore, as compared to Rs 66,702 crore earnings in the preceding financial year.

Reliance also became the first Indian company to hit Rs 10 lakh crore turnover in FY24 when revenue from operations rose 2.6 per cent from Rs 9.74 lakh crore in 2022-23.