RIL: Bulls set eyes on Rs 3,500-mark as stock above support held since 2017

Domestic brokerage firm Prabhudas Lilladher, too, lowered its earnings outlook on RIL and trimmed the target price to Rs 2,892

Reliance Industries (RIL) delivered a muted second-quarter (Q2) owing to the newly introduced windfall profit tax and lower refining margins. While revenue from the business grew 32.4 per cent, net profit witnessed a marginal dip to Rs 13,656 crore in Q2 of 2022-23 (FY23), from Rs 13,680 crore in Q2 of 2021-22 (FY22). Sequentially, the company’s net profit was down 24 per cent — from Rs 17,955 crore in the April-June quarter.

Commenting on the results, RIL Chairman and Managing Director Mukesh Ambani said the quarter saw record performance in the company’s consumer businesses, which continue to scale new milestones