Shares of Reliance Industries (RIL) rose 1% to Rs 2,460 on the BSE in intraday trade on Monday after the company’s October-December quarter (Q3FY23) results beat Street’s expectations.

RIL was quoted 0.6% higher at Rs 2,457.45 at 9:49 am, while the S&P BSE Sensex gained 0.72%. The stock touched a low of Rs 2,431.15 after opening at Rs 2,450 on the BSE.

Recently, RIL has underperformed in the market. The stock has fallen 2% on each measure over the past one and six months, compared with gains of 2% and 9% for the S&P BSE Sensex. Over the past year, RIL has fallen 1%, while the benchmark index has gained 3.3%.

In a conference call following the results, Mukesh-Ambani-led RIL warned of the impact of global economic headwinds on energy demand. Responding to growing concerns about an economic slowdown internationally, including rising interest rates and contracting Purchasing Managers’ Index (PMI), the company’s management warned in a post-earnings conference call that these factors could hurt overall oil demand in the future.

RIL beat expectations in terms of operating earnings. Revenue rose 15.3% year-on-year to Rs 2.2 trillion as all major divisions reported revenue growth. It rose 5.3% quarter-on-quarter, mainly due to the poor performance of petrochemicals, analysts at ICICI Securities said.

However, profit after tax (PAT) missed expectations at Rs 15,792 crore (I-direct estimate: Rs 17,267.7 crore) due to higher-than-expected depreciation and interest. Profit after tax rose 14.9% year-on-year but 15.6% quarter-on-quarter.