Reliance Industries Ltd (RIL) shares were in focus on Monday, after the oil-to-telecom conglomerate reported a strong set of earnings last week. The Reliance Industries stock rose as much as 1 percent to Rs 2,504.1 apiece on BSE before giving up some of the initial gains.

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At 9:40 am, the stock was up 0.1 percent at Rs 2,480.3 apiece.

After market hours on Friday, Reliance Industries reported a record consolidated net profit of Rs 18,549 crore for the December quarter, up 33.8 percent on a quarter-on-quarter basis.

Its revenues increased to Rs 1.85 lakh crore, led by robust operational and financial performance across verticals, from Rs 1.67 lakh crore in the previous quarter.

Analysts in a CNBC-TV18 poll had predicted Reliance Industries' net profit at Rs 15,660 crore and revenues at Rs 1.93 lakh crore.

RIL reported Rs 29,706 crore in earnings before interest, taxes, depreciation and ammortisation (EBITDA) for the third quarter of FY22. Its EBITDA margin came in at 16.05 percent.

Analysts had expected the company's EBITDA at Rs 28,700 crore and the EBITDA margin at 14.8 percent.

What brokerages say

CLSA

The brokerage continued with its 'outperform' rating on the Reliance Industries stock with a target price of Rs 2,850. The company's standalone quarterly EBITDA, EBIT and profit were 3-6 percent ahead of estimates, according to CLSA.

RIL's big upstream beat was partly offset by a slight miss in the oil-to-chemicals business, it said.

Jefferies

The brokerage maintained a 'buy' call on the RIL stock with a target price of Rs 2,950. The conglomerate's EBITDA was six percent ahead of the estimate on a large beat in the retail unit, according to Jefferies.

Jio's subscriber churn was a bit disappointing but its strong margin performance surprised positively, it said.

Morgan Stanley

The brokerage retained an 'overweight' rating on Reliance Industries with a target price of Rs 2,925. The company's earnings beat of five percent was driven by its higher telecom average revenue per user, upstream gas EBITDA and EBITDA margin, according to Morgan Stanley.

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