Mukesh Ambani-led Reliance Industries to hold annual general meeting on August 28

Mukesh Ambani-backed Reliance Industries on Friday said it would hold its much-anticipated annual general meeting of shareholders on August 28, where it is expected to give details on the listing of the recently spun-out Jio Financial Services (JFS).

Last month, Reliance demerged JFS, which was valued at around $20 billion after its stock price was set at a much higher than expected Rs 261.85.

The demerger, which was announced last October, is seen as the oil-to-retail conglomerate's way of expanding in the lucrative financial services sector, especially as it already has a non-bank financial company licence.

In the just-ended June quarter, Reliance reported a wider-than-expected drop in profit after weak demand and a steep fall in refining margins hurt its flagship oil-to-chemicals (O2C) business.

Reliance Industries reported net profit of Rs 16,011 crore in the first quarter of current financial year. Reliance Industries' net profit declined 11 per cent compared with Rs 17,955 crore during the same period last year.

Reliance Industries revenue from operations fell 5.32 per cent to Rs 2,10,831 crore compared with Rs 2,22,664 crore during the same period last year.

Reliance Industries EBITDA also known as operating profit rose 5.1 year-on-year (Y-o-Y) to Rs 41,982 crore. 

EBITDA growth was led by consumer and upstream businesses, which offset decline in O2C earnings. O2C earnings were lower due to a sharp fall in fuel cracks from exceptionally high levels in 1Q FY23.

Reliance Industries shares ended 1 per cent higher at Rs 2,510 ahead of AGM announcement date.

(With Reuters inputs)