- By Vaamanaa Sethi
- Tue, 18 Jul 2023 03:39 PM (IST)
- Source:JND
The board of directors at Reliance Industries (RIL) is considering paying a dividend to its investors, along with its financial first quarterly results ending in June on Friday.
"We wish to inform you that at the Board meeting scheduled on July 21, it is proposed to recommend a dividend on equity shares of the company for the financial year ended March 2023," the company said in a filing.
Subject to approval, the latest dividend will be for FY23 and also will be the first dividend in a year. The company had announced a dividend of Rs 8 per share in May 2022.
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The company is all set to announce its quarterly earnings on June 21. BofA Securities, as cited by The Economic Times, is expecting a 10% year-on-year drop in the bottomline to Rs 16,160 crore and a decline of 7% year-0n-year in the net consolidated revenue.
“We estimate O2C EBIT to be down 6% QoQ mainly on the back of weaker GRMs in the refinery business, offsetting benefits from cheaper Russian crude oil,” it said.
In the preceding March quarter, the company posted a 19% rise in its net profit at Rs 19,299 crore, while revenue for the same period grew 2% to Rs 2.16 lakh crore.
Besides the quarterly announcement, the market is eagerly waiting for the update on demerger of Jio Financial Services, which has a record date of July 20, a day before RIL will announce its quarterly results.
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The demerger decision was taken as the nature and competition in the financial service business are distinct from other businesses and is capable of attracting a different set of investors, strategic partners, lenders and other stakeholders, the company said.
The National Stock Exchange will also conduct a special pre-open session for RIL stock on July 20.
