The sluggish oil-to-chemical (O2C) vertical and higher interest and depreciation costs were the main causes of Reliance Industries Ltd.’s June quarter net profit decline of 11%, which was revealed on Friday.
Details on due to the sluggish oil-to-chemical industry, Reliance Industries’ net revenue falls by 11%
According to a company’s stock exchange statement, net profit decreased from Rs 17,955 crore, or Rs 26.54 per share, earned a year earlier to Rs 16,011 crore, or Rs 23.66 per share, during the first quarter of the current 2023–24 fiscal year.
Comparing the net profit to the record Rs 19,299 crore earnings in the prior three months ending March 31, the net profit was also lower quarter over quarter.
From Rs 2.22 lakh crore in the same time last year and Rs 2.16 lakh crore in January-March 2023, operating revenue decreased to Rs 2.1 lakh crore. The main causes of this were the decline in crude oil prices and the closing of cracks or margins on fuels like diesel.
