Covid-19 likely to hit Reliance Industries' Q1 profit, say brokerages

Oil-to-telecom conglomerate Reliance Industries Ltd is likely to report a drop in its first quarter net profit as Covid-19 lockdown disrupted economic activity that resulted in its oil refineries, petrochemical plants and retail business operating at lower capacity or fewer days, brokerages said.

An analysis of 12 brokerage research reports shows that expectations for RIL's net profit for the quarter ended June 2020 ranges from Rs 4,600 crore to Rs 8,083 crore.

The average estimate of 12 brokerage houses stands at Rs 6,994 crore for the June 2020 quarter. This is 30.8 per cent lower than the June 2019 quarter net profit