Reliance Industries Ltd has announced that its board will meet on July 21 to consider and approve the financial results for the quarter ended June. This meeting will also address any fresh announcements concerning Jio Financial Services. July 20 has been set as the record date for the demerger of Reliance Strategic Investments, which will be renamed Jio Financial Services. The company plans to list Jio Financial Services on the exchanges following the demerger, but the date for the listing of shares is yet to be provided.

Shares of Reliance Industries Ltd have seen significant gains since the demerger announcement and reached a fresh 52-week high of Rs 2,802. However, on Friday, the stock closed marginally down 0.1% at Rs 2,740.70.

Analysts expect a double-digit fall in consolidated net profit for the June quarter, both on a YoY and sequential basis, primarily due to the subdued performance of the oil-to-chemicals (O2C) segment. BofA Securities estimates a 10% YoY drop in the bottomline to Rs 16,160 crore, and a 16% fall from the March quarter. Consolidated revenue is expected to decline 7% YoY and 4% sequentially to Rs 2.08 lakh crore.

On the other hand, the telecom and retail businesses are expected to continue supporting the overall earnings growth for Reliance Industries. Reliance Jio is anticipated to report strong net additions of subscribers in the June quarter, although the average revenue per user is likely to be flat. The retail business is expected to report double-digit growth thanks to steady momentum in the business and continued uptake in grocery and fashion.