Shares of Reliance Industries fell over 3% to Rs 2,542.1 on the BSE in Monday’s intraday trade after the Mukesh Ambani-led company on Friday reported a consolidated net profit of Rs 16,203 crore for the quarter ended March 31, 2022, up 22.5% from the March 2021 quarter, but slightly below expectations.

The stock was trading lower for the sixth trading day in a row, down over 9% during the period. It had touched a record high of Rs 2,855 on April 29, 2022.

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The oil-to-chemicals-to-telecom conglomerate’s revenue from operations came in at Rs 2,11,887 crore in the March quarter, up 36% from Rs 1,54,896 crore in the same quarter of the previous financial year. It has become the first Indian company to cross $100 billion in sales revenues.

RIL’s EBITDA stood at a record Rs 1,25,687 crore ($16.6 billion), up by 28.8% YoY. EBITDA stands for earnings before interest, taxes, depreciation, and amortization.

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The company’s board has recommended a dividend of Rs 8 per equity share of Rs 10 for the financial year ended March 31, 2022.

Reliance Jio posted 24% growth in standalone net profit at Rs 4,173 crore for the March quarter compared with a net profit of Rs 3,360 crore in the same quarter a year ago.

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The company’s average revenue per user (ARPU) during the quarter came in at Rs 167.6 per subscriber per month, up 21.3% year on year and 10.5% sequentially.

RIL’s retail unit Reliance Retail posted 23.2% growth in quarterly revenue and its digital services segment reported a 20.2% rise.

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“Results were below our estimates on account of lower than expected O2C profitability. However, overall commentary remains positive given the global refining scenario is favourable in the near term as petrol and diesel product cracks are trading at multi-quarter highs,” ICICI Securities said in a note.

The shares closed 108.10 points, or 4.12%, down at Rs 2,511.75 on the BSE.